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Table of Contents

Lead Story

Payments' place in the retail playbook - Part 1

Dale S. Laszig

News

Industry Update

Visa Checkout gains 12 million consumers worldwide

Walmart PINs hopes to Visa debit lawsuit

EPC study takes aim at Durbin supporters

Marketplace lenders form new association

PayPal releases app upgrade only for Apple, Android

Features

CNP Expo spotlights fraud, big data, virtual reality

Observations from Payment Facilitator Day

Banks jump on mobile wallets

Adam Atlas

Selling Prepaid

Virtual gifting: field of possibility

Views

Email-related fraud threats grow

Patti Murphy
ProScribes Inc.

Disruption a hot topic at Transact 16

Brandes Elitch
CrossCheck Inc.

Door-to-door sales, the good old-fashioned way

Steven Feldshuh
Merchants

Education

Street SmartsSM:
MLS rebranding, the discussion continues

John Tucker
1st Capital Loans LLC

It takes more than sales to sustain an ISO

Jeff Fortney
Clearent LLC

Work less and improve your bottom line

Aaron Nasseh
Finical Inc.

Help small merchants avoid MATCH

Sarah Zilenovski
ClearSale

Company Profile

MavensTech Inc

New Products

Comprehensive transaction transport security

TransKrypt Security Server
NewNet Communication Technologies LLC

Next-generation API for vast, underserved market

Digitzs
Digitzs Solutions Inc.

Inspiration

Applying job interview know-how to sales

Departments

Letter from the editors

Reader's Speak

Resource Guide

Datebook

A Bigger Thing

The Green Sheet Online Edition

June 13, 2016  •  Issue 16:06:01

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Banks jump on mobile wallets

Wells Fargo & Co. is the latest major financial institution to enter the mobile wallet space. Wells Fargo Wallet will soon join an increasingly crowded mobile wallet marketplace. But unlike nonbank competitors, banks have a distinct advantage: polls suggest mobile consumers trust banks most to manage accounts securely.

Recent data from the Federal Reserve indicated 28 percent of smartphone owners have made mobile payments within the past 12 months, and 53 percent of smartphone owners with bank accounts have used mobile banking. These trends are reflected in the growth of Wells Fargo's mobile banking channel, which according to the bank, is its fastest growing channel with more than 17 million mobile banking customers.

Wells Fargo built its mobile wallet in-house and credits global teams for testing the wallet and providing feedback in advance of the launch planned for the summer of 2016. Wallet users will apparently be able to add eligible Wells Fargo debit and credit cards to make payments at near field communication (NFC)-enabled terminals, as well as view account balances within the app before and after making purchases.

According to Jim Smith, Head of Virtual Channels for Wells Fargo, the new wallet will enable Android users to make secure NFC payments directly from the Wells Fargo mobile app. "We know mobile is key to the future of payments, and we expect Wells Fargo Wallet to provide us a richer understanding of the quickly evolving landscape," he said. In addition to transacting at NFC terminals, bank customers can use the wallet to conduct ATM transactions without having to present physical debit or ATM cards, bank sources stated, noting that more than 40 percent of Wells Fargo ATMs will be NFC-enabled by the end of 2016.

"We're looking to reimagine customer interactions with money in and across channels, and designing our own Wells Fargo Wallet allows us to further engage our customers, and innovate for the future," said Steve Ellis, Head of Wells Fargo's Innovation Group. "Continuous innovation enables Wells Fargo to save customers time and money, reduce fraud, and drive loyalty. With mobile ubiquitous in today's world, innovation around mobile will continue to be a key area of focus."

Chase Pay on way

In late 2015, JPMorgan Chase & Co. said it planned roll out Chase Pay this summer, as well. Chase Pay, which relies on quick response codes to conduct transactions, will make it possible for merchants to accept payments in-store, online and in app, as well as link loyalty programs. To deliver Chase Pay, JPMorgan aligned with the Merchant Customer Exchange along with 18 technology partners, including Authorize.Net, BridgePay Network Solutions LLC, CardinalCommerce, CyberSource, FIS, LevelUp and USAePay, among others.

"These industry leaders will help merchants integrate Chase Pay into their overall payment acceptance strategy," said Michael K. Passilla, Chief Executive Officer of Commerce Solutions, the global payment processor and merchant acquirer of JPMorgan Chase whose customers have an estimated 94 million credit, debit and prepaid card accounts.

Notice to readers: These are archived articles. Contact names or information may be out of date. We regret any inconvenience.

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Spotlight Innovators:

North American Bancard | USAePay | Impact Paysystems | Electronic Merchant Systems