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Wells Fargo Wallet – NFC mobile payments

Wells Fargo has announced a relaunch of its Android portal that will add support for contactless, NFC payments, ATM transactions, and more.

Wells Fargo Wallet’s headlining feature is NFC. In an upgrade due out “later this summer,”

Wells Fargo Wallet - NFC mobile payments

Wells Fargo Wallet – NFC mobile payments

customers will gain the ability to make payments at NFC-enabled POS terminals with any Wells Fargo debit or credit cards they’ve digitally saved. They’ll also be able to withdraw cash from a select number of wireless Wells Fargo ATMs.

“Today, we’re pleased to announce Wells Fargo Wallet for Android users, giving customers the unique ability to make secure NFC payments directly from the Wells Fargo mobile app,” said Jim Smith, Wells Fargo’s virtual channels chief, in a statement. “We know mobile is key to the future of payments, and we expect Wells Fargo Wallet to provide us a richer understanding of the quickly evolving landscape.”

The new Wells Fargo Wallet isn’t a wholly altruistic effort, of course. The bank’s looking to collect a piece of the purchasing data pie that digital payments represent — 28% of smartphone owners reported making a purchase with their phone in the past 12 months, according to a Federal Reserve report.

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