America’s Wells Fargo has unveiled a mobile wallet that will be incorporated into the bank’s existing mobile banking app for Android. The new feature will enable customers to make mobile payments directly from the app at NFC-enabled payment terminals and Wells Fargo ATMs, of which 40 per cent will be NFC-enabled by the end of 2016.

Launching this summer, the wallet lets customers add eligible Wells Fargo debit and credit cards to their phone, as well as offering account balance information within the app before and immediately after a purchase.

Transactions made via the wallet will be monitored by the bank’s fraud and risk detection systems, while purchases are protected by zero liability, meaning customers are not responsible for promptly reported unauthorised transactions. The solution was built in-house and has been tested worldwide by Wells Fargo team members.

Steve Ellis, head of Wells Fargo’s innovation group, said: “We are 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. With mobile ubiquitous in today’s world, innovation around mobile will continue to be a key area of focus.”

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