Today Wells Fargo announced that over 5,000 of the company's 13,000 ATMs support NFC for card-free access. Wells Fargo customers can now initiate an ATM transaction with little more than their phone and PIN, no card required. This is in addition to the one-time access code ATM system deployed earlier this year.
The new system can work via Android Pay, Apple Pay, Samsung Pay, or the Wells Fargo Wallet system in the Wells Fargo app, presumably so long as you have a Wells Fargo card set up and selected in the application. ATMs able to use NFC will display a "contactless" symbol similar to the one below. There's no card involved, but you'll still have to enter your PIN to make a transaction, though.
Wells Fargo expects the mobile payments volume in the US to triple by 2021. Jim Smith, Wells Fargo's head of Virtual Channels says that this is in response to increased customer interest in mobile banking. "Our customers are increasingly using mobile to manage their finances and make payments, which makes it ever important for Wells Fargo to provide our more than 20 million mobile banking and mobile wallet customers with a seamless mobile authentication and access experience at our ATMs, online, and in our branches."
For now, the new NFC capability is only available at a bit over 5,000 ATMs, but the company has plans to upgrade the rest of its 13,000 ATMs with the required hardware by 2019, which seems fast. Guess it won't be long until Wells Fargo users can leave their debit cards at home.
Phones: 1, Wallets: 0.
PRESS RELEASE
More Than 5,000 Wells Fargo ATMs Launch NFC-Enabled Mobile Wallet Capability
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Wells Fargo debit card customers can now use “tap and pay” functionality to access more than 40% of Wells Fargo ATMs
Innovation and Technology
SAN FRANCISCO--(BUSINESS WIRE)--Wells Fargo & Company (NYSE:WFC) announced today that debit card customers have another way to use the company’s ATMs without their card -- “tap and pay” near-field communication (NFC) functionality that is launching at more than 5,000 ATMs across the country.
The feature is activated using a mobile phone’s mobile wallet feature. Today, more than 40% of Wells Fargo ATMs have functioning NFC capability, with the goal of upgrading the rest of the company’s more than 13,000 ATMs with the hardware by 2019. Customers can already access any Wells Fargo ATM without a physical card by generating a one-time access code through their Wells Fargo Mobile® Banking app. With the launch of one-time access code in March 2017, Wells Fargo became the first large bank in the US with an entire fleet of card-free ATMs.
“This spring’s launch of one-time access code technology at all Wells Fargo ATMs has resulted in nearly three million card-free ATM access code transactions. Card-free ATM use will take another leap as we introduce NFC functionality,” said Jonathan Velline, head of Strategy and Administration for Community Bank. “The NFC functionality is a second form of card-free access and is an extension of our promise to reach our customers wherever they are and provide value using the mobile option with which they are so comfortable.”
A customer can initiate an ATM transaction by signing into leading mobile wallet features, such as Wells Fargo Wallet for AndroidTM, Apple Pay®, Android PayTM or Samsung Pay, found on mobile phones. They simply hold their phone or wearable device with mobile payment functionality near an NFC-enabled ATM terminal. Wells Fargo ATMs enabled for this feature will display a “contactless symbol” decal on the front of the ATM. The customer will then input their Wells Fargo Debit or EasyPay® Card Personal Identification Number (PIN) and complete their transaction.
“According to Forrester, by 2021, mobile payments volume in the U.S. will triple,” said Jim Smith, head of Virtual Channels. “Our customers are increasingly using mobile to manage their finances and make payments, which makes it ever important for Wells Fargo to provide our more than 20 million mobile banking and mobile wallet customers with a seamless mobile authentication and access experience at our ATMs, online, and in our branches.”
To see this technology in action, visit Wells Fargo Stories.
For more information, visit www.wellsfargo.com.
Wells Fargo & Company (NYSE:WFC) is a diversified, community-based financial services company with $1.9 trillion in assets. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 8,500 locations, 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 42 countries and territories to support customers who conduct business in the global economy. With approximately 271,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 25 on Fortune’s 2017 rankings of America’s largest corporations. News, insights and perspectives from Wells Fargo are also available at Wells Fargo Stories.
Hilary O’Byrne, 415-715-4958
Hilary.OByrne@wellsfargo.com
Shelley Miller, 704-715-2471
Shelley.Miller@wellsfargo.com
