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Tuesday, April 18, 2017

Wells Fargo, PayPal partner for mobile payments

Wells Fargo & Co. debit and credit cardholders will soon be able to use PayPal to make purchases with Android phones at the POS. Participating merchants' payment terminals must be enabled to accept near field communication payments. The potential reach is wide; currently, millions of merchants can accept payments via PayPal.

"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 at Wells Fargo. "New mobile payment experiences like the one we announced today create unique value propositions for Wells Fargo customers who use PayPal."

Wells Fargo reported that Federal Reserve survey data indicates "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." The financial institution also stated that mobile banking is now the fastest growing channel in its history, with more than 20 million active customers. Android customers are the most active, logging in an average of 16 sessions per month, the company added.

"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, at 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."

"Our relationship with PayPal is broad and deep," said Danny Peltz, Head of Treasury, Merchant and Payment Solutions at Wells Fargo. "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."

Wells Fargo noted that when customers make payments with PayPal using 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," the company added. end of article

Editor's Note:

The Green Sheet Inc. is now a proud affiliate of Bankcard Life, a premier community that provides industry-leading training and resources for payment professionals. Click here for more information.

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