Retailers, tech companies, wearable makers, and banks have been clamoring to create and launch digital wallets that allow consumers to make payments with the tap of a phone. Today, Wells Fargo is reportedly poised to throw its hat into this arena.
The Los Angeles Times reports that the bank is expected to announce that its Wells Fargo Wallet will be available for millions of customers starting this summer.
The digital wallet will only be available in the company’s Android-based app, which is currently used by an estimated five million customers.
“We want customers to use their Wells Fargo accounts,” Jim Smith, executive vice president and head of Wells Fargo Virtual Channels, tells the L.A. Times. “The way we do that is just make it convenient and make it part of their daily routine.”
About 2.8 million Wells Fargo customers have previously added their bank cards as payment sources on other digital wallets — including Apple Pay and Android Pay.
Account holders with iPhones won’t be able to use the new system, as Apple currently places limits on outside technology, the L.A. times reports. However, those customers can still use Apple Pay.
The service will work much like other digital wallets: customers enter their credit card information on their phones before shopping with retailers who use near-field communication technology. When the customer is ready to make a purchase, they hold the phone over the payment terminal and tap a button or enter a PIN.
The bank says that the system will also allow customers to check their account balances before and after making a purchase with Wells Fargo Wallet.
“We think this will introduce a whole new segment of customers,” Smith said. “For the five million Android phone users we have, it’s integrated right into their experience.”
Wells Fargo plans to launch mobile-wallet service [The Los Angeles Times]
by Ashlee Kieler via Consumerist
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