Wells Fargo Bank announced at the end of May that it is launching a “mobile wallet” that would be incorporated into the Android version of its existing Wells Fargo banking app. The use of mobile banking is gradually becoming more commonplace as the public continues to embrace the convenience of electronic banking while letting their fears subside.
The implementation of a mobile wallet by Wells Fargo could become a major selling point for the bank and cause people currently banking elsewhere to move their accounts to Wells Fargo for the convenience factor. It could also be the catalyst for getting other banks to speed up their implementation of similar services in order to stay competitive on the technology front.
As soon as this summer, Wells Fargo customers will be able to add eligible Wells Fargo debit and credit cards to their Android device so the device itself will become the payment instrument rather than a traditional plastic card.
While Apple Pay and Google Pay are already in the marketplace, people still are skeptical about mobile payment transactions and being able to maintain your account through your own bank provides additional peace of mind for customers of Wells Fargo.
Are you worried that you won’t be able to get cash from an ATM without your old plastic card? Fear not! By the end of 2016, forty percent of all Wells Fargo ATMs will have communications capabilities to use your phone in conjunction with the ATM and receive cash back without inserting a plastic card into the ATM.
There are many new bells and whistles with the new technology including a display of your balance before a debit transaction and immediately following the transaction. There are three ways to pay with the wallet. You can unlock the phone with a special PIN and hold the phone close to the credit card reader. You can also tap the Wells Fargo icon if the phone is already unlocked which then prompts the wallet access code. The third is the more traditional approach of logging into the Wells Fargo mobile-banking app with a username and password, tapping the menu button and selecting the wallet option. Once that is done, you simply hold the phone near the credit card reader.