The bank which is based at San Francisco is planning to announce on this next Tuesday that it will launch their Android app title Wells Fargo Wallet for customers to have on their phones, making them able to access a lot of features from their mobile devices.
Studies point out that nearly 38% of the customers of the bank have phones that support the app, which amounts to roughly 5 million clients.
The head of Wells Fargo Virtual Channels, Jim Smith, stated that the goal is to have the bank’s customers using their Wells Fargo accounts, making the process part of their routine and increasing the process’s convenience.
On the other hand, JPMorgan Chase & Co has also announced its own mobile payment app last year, which is working on both Android and iOS systems.
These mobile wallets will make it possible for users to go to their phones for credit card information, but it will also enable the customers to pay using their phone, holding it over a terminal, entering a pin or tapping a button and having their payments extracted from their credit card account by merchants who use NFC, which is short for Near-Field Communication.
Another interesting number to look at is the fact that third party mobile wallets are used by about 2.8 million Wells Fargo clients, and the bank plans to lure these customers in with the added features it provides, letting clients check their funds before and after purchases and not having to go back and forth different mobile wallets.
Analysts still point out that Americans take payments with mobile phones instead of with credit cards with guarded responses.