Wells Fargo joins Competition with Apple Pay for Consumers and Merchants

Offering mobile payments so more customers can pay when, where and how they want…

Wells Fargo Bank announced this week it will join another dozen banks offering customers the ability to use Apple Pay, the new mobile payment service from Apple, beginning in October 2014. Apple Pay will offer participating bank customers the ability to conveniently make purchases by integrating Apple-designed hardware, software and services. The new service will create a unique experience for Wells Fargo’s consumer and small business Debit and Credit Card holders.

Apple PayWhen Apple Pay is available, customers can add their cards and use their iPhone 6, iPhone 6 Plus and Apple Watch to pay in person, without physically swiping the actual card, anywhere they see the universal contactless acceptance symbol.

Customers may use Apple Pay to make online purchases in apps with participating retailers while using their iPhone 6 and iPhone 6 Plus. When a customer makes a payment with Apple Pay using their Wells Fargo cards, all transactions are monitored with Wells Fargo risk and fraud detection systems.

Purchases are also protected by Zero Liability, which reimburses customers for promptly reported unauthorized transactions.
“When we review mobile wallet providers, we look for payment safety, quality of service and ease of use for our customers. Apple Pay is a strong offering in those areas and we know our customers want and need this option as they live their increasingly digital lives,” said Jim Smith, head of Virtual Channels for Wells Fargo. “It is our priority to offer innovative technologies to meet our customers where they are – and for many, that’s on a mobile device. After all, a wallet may no longer be in your back pocket or purse – it’s in the palm of your hand alongside your GPS-enabled maps, camera, music, email, and social networks.”

Recent survey data from the Federal Reserve (Read the PDF) reinforces that consumers’ interest in mobile banking continues to grow; 33 percent of mobile phone users and 51 percent of smartphone users report taking advantage of mobile banking services. 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.

“More than 80 percent of U.S. consumers have a mobile phone and nearly two thirds of those phones are internet-enabled,” added Smith. “Phones have enhanced the way we interact with the world around us as we connect, share and make our way through the day. Delivering an exceptional experience was critical as we worked with Apple. Giving our customers the ability to make safe and secure payments when, where and how they want is a primary focus.”