Roswell, GA -- (SBWIRE) -- 12/05/2016 -- Wells Fargo is getting ready to release a mobile wallet app for Android devices. This addition to the app store is going to be very beneficial to both its users and for the bank.
After its announcement, financial institutions will become more aware of the mobile wallet industry, according to analyst and mobile banking specialist Daniel Van Dyke.
The release of this new mobile wallet by Wells Fargo was set for this summer. This app will basically allow Wells Fargo customers with credit and/or debit cards to upload them into their phone and use their Android smartphones instead of their physical card to make purchases.
According to Van Dyke, Wells Fargo's decision of making a new mobile wallet app will be highly beneficial to the bank since it promotes ingenuity and provides a modern and sleek image to the company. This will attract many new customers as well.
In addition to its features, the app will also allow transactions between accounts without the need of using an ATM. This will be done by adding NFC to the ATMs, and it is predicted that 40% of all ATMs will be equipped with this feature by the end of 2016. On the off side, the Apple iPhone does not support this mobile wallet app due to its lack of hardware, but the mobile banking app is available.
To make it easier for its customers, Wells Fargo is also offering an integrated wallet so that credit and debit cards may be used for mobile purchases. What mean by that, is that it won't be necessary to take a picture of the card or to download any third-party software to integrate card to the app, and instead do this with the click of a button. In addition to this, customers may also view their balance before and after the purchase of an item.
There is a total of three different ways a user can purchase with the app. The first is to open the Wells Fargo app, open the wallet icon and then by entering the code. Within the new screen, there will be a "Pay Now" button. After pressing it, the device must be held above the NFC receiver. The second, is to unlock a phone and hold mobile device above the receiver and the app will launch automatically and pay for the pending item. The third and final way to pay is by entering the mobile-banking application and entering user credentials. After that, locate the wallet icon, press it and hold the device above the receiver.
Wells Fargo is among one of the first banks to announce the release of a mobile wallet app and the benefits of doing so are limitless.
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