Wells Fargo & Co (WFC) Customers Can Now Use Android Pay

Wells Fargo & Co (NYSE:WFC) disclosed that its customers can make use of Google Inc (NASDAQ:GOOG)(NASDAQ:GOOGL)’s Android Pay, a mobile device payment service. This will enable its customers to make purchases from more than a million merchant locations conveniently throughout the nation. The device should have the Android OS of KitKat 4.4 or higher version to unlock their device and place it on a payment terminal, which accepts payments through contactless.

Goods And Services

Wells Fargo & Co (NYSE:WFC) indicated that the facility can allow its customers to pay for goods, as well as, services with the security of a consumer card, i.e. credit or debit or small business debit card. The financial services provider said that the additional features would be extended to customers gradually in the next few days.

The company said that those who make payment with the help of Android Pay will get the confirmation of their payment and transaction details on their mobile devices. The company clarified that every transaction is monitored with its risk and fraud detection systems. On top of it, its credit, as well as, debit cards was protected by zero liability. That meant customers would not be faulted as long as they report any unauthorized transactions.

Management Speaks

Wells Fargo & Co (NYSE:WFC)’s Head of Virtual Channels, Jim Smith, said that the participation in Android Pay will boost the availability of mobile payment options to millions of its customers. He said that it was the latest offering in its commitment to providing its customers new, as well as, innovative ways to make payment without sacrificing the safety.

A recent Federal Reserve survey highlighted the changes that mobile devices are making in consumers payments. Accordingly, its survey indicated that 22% of all mobile phone owners made a mobile payment in the preceding 12-month period to the survey, which was higher than the 17% recorded in 2013 and 15% in 2012. Wells Fargo & Co (NYSE:WFC) also understood that if they don’t involve themselves with Android Pay, then they might be left behind.

Viraj Shah

Viraj Shah has completed M.Com (Finance) and is currently pursuing his CFP. He tracks US markets along with other global markets like India very closely. He is very passionate about stocks, real estate, and technology. He also believes that money can always be made in the market.

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