Wells Fargo Wallet enables consumers to enter their credit card information in their phones before shopping with merchants who use NFC technology. The consumer holds the phone over a payment terminal and taps a button on the phone or enters a PIN. The credit card is then charged and the sale is completed.
To make a purchase, Wells Fargo Wallet users can bypass the Android Pay app and use only the Wells Fargo app to buy something. Furthermore, customers will be able to instantly check their account balances before and after making a purchase with Wells Fargo Wallet, without having to move back and forth from a different mobile wallet.
The service would not be available on Apple iPhones because Apple places limits on the outside use of its technology. But Wells Fargo customers can keep using Apple Pay, Android Pay and Samsung Pay with a Wells Fargo account as their payment source.
Currently about 2.8 million Wells Fargo customers use their Wells Fargo cards as a payment source for third-party mobile wallets.
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