Android Pay started rolling out this week, which was kind of unexpected according to previous leaks. It is available in more than a million locations on the US for now and the mobile payment system lets users store their credit and debit cards in addition to gift cards, cards from loyalty programs and special offers. It will be supported on any device running Android 4.4 or a more recent version of the operating system and the devices must have NFC capabilities. Google is already working with many banks so that this payment system is widely available and we knew that Wells Fargo would accept it soon and today, this bank has communicated their support for this service.
Wells Fargo was ranked as one of the largest corporations in Fortune's list and it has more than 8,700 locations with 12,800 ATMs, it is said to serve one in three households in the US. Users will now be able to store their Wells Fargo Debit or Credit card or Small Business Debit Card. It works just like every other card in Android Pay, users will simply place it over a contactless payment terminal and shortly after, they will receive a payment confirmation and the details of the purchase on their phones. This is backed up by Wells Fargo risk and fraud detection systems, so users can feel safe about using this new service.
The Credit and Debit Cards of Wells Fargo are protected by Zero Liability, so their customers will not be held responsible in case an unauthorized transaction is made. The bank communicated the commitment of bringing users new and innovative ways to pay safely and easily. Survey data from the Federal Reserve is showing some growth of mobile paying systems as now 22 percent of mobile phone owners have made a payment with their phone, opposed to the 17 percent of 2013 and 15 percent in 2012. With the launch of this kind of systems, mobile payments will probably see a significant growth in the coming years. The feature will roll out in the next few days for Wells Fargo customers.