Wells Fargo Announces Support for PayPal Wallet for In-Store Transactions
Millions of Wells Fargo customers to be provided new seamless “tap and pay” digital payment capability
SAN FRANCISCO, April 18, 2017 – Wells Fargo & Company (NYSE:WFC) announced today that Wells Fargo customers will soon be able to use PayPal (NASDAQ: PYPL) 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 (PDF) 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.
Fueled by a fundamental belief that having access to financial services creates opportunity, PayPal (Nasdaq: PYPL) is committed to democratizing financial services and empowering people and businesses to join and thrive in the global economy. Our open digital payments platform gives PayPal’s nearly 200 million active account holders the confidence to connect and transact in new and powerful ways, whether they are online, on a mobile device, in an app, or in person. Through a combination of technological innovation and strategic partnerships, PayPal creates better ways to manage and move money, and offers choice and flexibility when sending payments, paying or getting paid. Available in more than 200 markets around the world, the PayPal platform, including Braintree, Venmo and Xoom, enables consumers and merchants to receive money in more than 100 currencies, withdraw funds in 56 currencies and hold balances in their PayPal accounts in 25 currencies. For more information on PayPal, visit https://www.paypal.com/about.
SOURCE: Wells Fargo