Wells Fargo & Co., the American Multinational Banking and Finance Company has announced jumping in the Mobile Wallet wagon, pressuring other financial institutions to act quickly to keep pace.
As they announced, the mobile wallet will launch this summer, and it is going to be integrated into the existing Wells Fargo mobile app for Android users, with the goal of introducing an all-inclusive mobile banking and payment experience. The app will enable customers to make NFC payments and ATM transactions by tapping the handset at terminals that support contactless payments.
“Today we’re pleased to announce Wells Fargo Wallet for Android users, giving customers the unique ability to make secure NFC payments directly from the Wells Fargo mobile app,” said Jim Smith, head of Virtual Channels for Wells Fargo. “We know mobile is key to the future of payments, and we expect Wells Fargo Wallet to provide us a richer understanding of the quickly evolving landscape.”
Customers’ purchases are protected by a service called Zero Liability, which means that they are not responsible for promptly reported unauthorized transactions and customers should refer to their applicable Wells Fargo account agreement and card terms and conditions for information on liability for unauthorized transactions.
According to specialists, this is a well-predicted move: banks switching to developing their own mobile apps rather than rely on third-party wallets is the natural thing to come, since “because of the third-party wallets, consumers are starting to associate the payment more with Apple Pay, for example, than with their bank card” said Zilvinas Bareisis, a senior analyst with Celent.
Research on the matter shows that the platform is not necessarily relevant: about 28% of smartphone owners reported making a purchase with a mobile phone in the last 12 months, and almost 3 million WF customers are currently using the company’s cards. Wells Fargo says that among the advantages of using its own wallet is the fact that users can check their balance before or after making a purchase without having to switch between apps.