Wells Fargo Announces Support for PayPal Wallet for In-Store Transactions
April 18 2017 - 9:00AM
Business Wire
Millions of Wells Fargo customers to be
provided new seamless “tap and pay” digital payment capability
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 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. News, insights and perspectives from
Wells Fargo are also available at Wells Fargo Stories.
About PayPal
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. For PYPL financial
information, visit https://investor.PayPal-corp.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20170418005565/en/
Wells Fargo & CompanyMediaJennifer Langan,
213-253-3452jennifer.l.langan@wellsfargo.comorHilary O’Byrne,
415-715-4958hilary.obyrne@wellsfargo.com
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