American banking giant Wells Fargo has unveiled ‘tap and pay’ near-field communication (NFC) functionality for the debit card customers at more than 5,000 ATMs across the nation.

The newly added feature will allow customers to initiate an ATM transaction with wearables or mobile wallets like Apple Pay, Android Pay, Samsung Pay as well as Wells Fargo’s own wallet for Android app.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

The bank’s customers will get a ‘contactless symbol’ sign on the ATM display following which they are required to enter Wells Fargo debit or EasyPay card personal identification number (PIN) to complete the transaction.

They are currently using the NFC-enabled ATM terminal without a physical card, with the generation of one-time access code through Wells Fargo mobile banking app that was launched in March 2017.

Wells Fargo head of virtual channels Jim Smith said: “According to Forrester, by 2021, mobile payments volume in the U.S. will triple. 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 20m mobile banking and mobile wallet customers with a seamless mobile authentication and access experience at our ATMs, online, and in our branches.”

Community Bank head of strategy and administration Jonathan Velline added: “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. 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.”

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

The bank plans to upgrade the rest of the company’s more than 13,000 ATMs with the hardware by 2019.