Wells Fargo & Company has announced that Wells Fargo customers
will soon be able to use PayPal to conveniently and securely make
purchases with their mobile devices at participating merchants whose
payment terminals are set up to accept near-field communication (NFC)
payments. Currently, Wells Fargo customers can pay for purchases online
and on mobile at millions of merchants where PayPal is accepted. This
agreement will leverage the companies’ collective mobile leadership, and
allow customers to use a Wells Fargo Debit or Credit Card to use PayPal
to make NFC payments using an Android phone.
“We’re looking to enable payments for our customers’ mobile-driven
lives, and this upcoming capability allows us to further engage the
millions of Wells Fargo customers who use their debit and credit cards
on PayPal to seamlessly make mobile and online, and now in-store,
purchases,” said Jim Smith, head of Virtual Channels. “New mobile
payment experiences like the one we announced today create unique value
propositions for Wells Fargo customers who use PayPal.”
Mobile banking is the fastest growing channel in Wells Fargo’s
history, with more than 20 million active customers. Android customers
are the most active, logging in an average of 16 sessions per month.
“Wells Fargo is a financial services leader with a laser focus on
making customers’ commerce experiences secure and convenient,” said Gary
Marino, Chief Commercial Officer, PayPal. “We’re thrilled to name them
as a launch partner, and continue to collaborate on the delivery of
truly innovative mobile and digital payment experiences that add value
for our joint customers.”
Survey data from the Federal Reserve
highlights the fact that mobile devices are changing the way consumers
make payments; 22 percent of all mobile phone owners reported having
made a mobile payment in the 12 months prior to the survey, up from 17
percent in 2013 and 15 percent in 2012. These statistics are reflected
in the growth of Wells Fargo’s fastest growing channel – mobile banking –
which is growing at twice the rate of its online channel.
“Our relationship with PayPal is broad and deep,” said Danny Peltz,
head of Treasury, Merchant and Payment Solutions. “From processing their
first international Automated Clearing House (ACH) transaction, to
providing them with Treasury solutions, our partnership continues to
deliver innovative payment solutions for our customers.”
When a customer makes a payment with PayPal using their Wells Fargo
cards, all transactions are monitored with Wells Fargo risk and fraud
detection systems. Wells Fargo card purchases also are protected by Zero
Liability, which means customers are not responsible for promptly
reporting unauthorized transactions.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified,
community-based financial services company with $1.9 trillion in assets.
Founded in 1852 and headquartered in San Francisco, Wells Fargo
provides banking, insurance, investments, mortgage, and consumer and
commercial finance through more than 8,600 locations, 13,000 ATMs, the
internet (wellsfargo.com)
and mobile banking, and has offices in 42 countries and territories to
support customers who conduct business in the global economy. With
approximately 269,000 team members, Wells Fargo serves one in three
households in the United States. Wells Fargo & Company was ranked
No. 27 on Fortune’s 2016 rankings of America’s largest corporations.
Wells Fargo’s vision is to satisfy our customers’ financial needs and
help them succeed financially. News, insights and perspectives from
Wells Fargo are also available at Wells Fargo Stories.