Wells Fargo Steps Up its Banking App With Mobile Payment Options

June 1, 2016         By: Steven Anderson

Banks are rapidly working to better understand their customer bases and provide the services most desired. In many cases, one of the things most desired is mobile payment systems, and Wells Fargo is one of the newest entrants in the mobile payment field.

Its new near-field communications (NFC) service is set to launch later this summer, at last report, and will give users access to a slate of new functions.

Users of Wells Fargo Wallet will be able to add not only mobile payments, but also ATM withdrawals all from just a tap of a mobile device with the new program.

Wells Fargo Wallet, according to reports, is built into the standard Wells Fargo mobile app as it appears on Android, allowing it to be a comparatively seamless experience.

The app can also quickly add those Wells Fargo debit and credit cards as needed, making it easier to pay for goods and services at any NFC-capable terminal, which represents an increasingly large number of terminals around the world.

There are even money management features here as well, with account balance information available immediately before and after a purchase.

Since over 40 percent of Wells Fargo’s ATMs will be ready for NFC by the end of this year, and around 17 million people use the Wells Fargo mobile app, this is likely a good move.

Wells Fargo was already seen with other connections to mobile payments, including Apple Pay back in 2014, Android Pay a year later, and Samsung Pay most recently.

Wells Fargo hasn’t been a slouch in the mobile payments department; frankly, it’s been moving along at a good clip, and it may well have gotten wind of that recent report about how the millennials are hoping for more digital access to things like bank balances and such.

It’s being quite careful about delivering what the customers want and that should serve it well in the years to come as millennials become an increasingly large part of the equation.

Good news for Wells Fargo customers, and for Wells Fargo itself. If it keeps abreast of the changes and advancements in the field, it should have some positive results to follow and keep itself near the top of the banking food chain.