Wells has announced that its banking customers can use their Wells Fargo debit or credit cards to use PayPal for these tap-and-pay transactions.
Wells also noted that mobile banking remains the company’s fastest growing channel in its history, with more than 20 million active customers. And Android customers, Wells said, are among the most active users, logging in about 16 times per month. Wells has said that mobile banking is growing at twice the pace of its online channel.
Payments made with mobile devices, generally speaking, are on an upswing, as the Federal Reserve has said that 22% of all mobile phone owners have made a mobile payment, up from 17% in 2013.
Wells stated that transactions made with PayPal via cards are monitored with Wells Fargo’s risk and fraud detection system and that card purchases are protected by “zero liability” — customers are not responsible for unauthorized transactions that are quickly reported.
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