The contactless cards will enable customers to complete a transaction rapidly with a single tap at millions of merchants, including transit systems, around the globe that accept contactless payments.
It is an additional option to insert or swipe their cards, as well as leverage a digital wallet to authorize a payment.
By the end of 2019, customers will also have the flexibility to tap to initiate an ATM transaction at Wells Fargo’s more than 13,000 ATMs, which show the contactless symbol.
Wells Fargo cards and retail services head Beverly Anderson said: “At Wells Fargo, our goal is to make the payments experience as seamless as possible for our customers, which is why we are so pleased to launch contactless credit cards for simple tap-to-pay checkouts.
“According to Visa, contactless payments will soon be ubiquitous, with 78 out of the top 100 U.S. merchants (by transactions) currently offering the ability to tap-to-pay at checkout.”
Wells Fargo said that the ability to use a contactless debit card to tap and initiate an ATM transaction uses the same near-field communication (NFC) functionality that was introduced by the company in October 2017.
The contactless debit card will also enable Wells Fargo customers to use a digital wallet to start an ATM transaction.
Over 10,000 ATMs of Wells Fargo have digital wallet access, while the remaining will be enabled by the end of 2019.
Various major transit systems are accepting contactless payments, and one of them is Portland’s Tri-Met transit authority that is supporting contactless payments across the Portland area for buses and trains.
Wells Fargo deposit products group head Ed Kadletz said: “The new contactless feature adds speed and convenience to the checkout experience. We believe customers will adopt this as an alternative to cash that is both simple and secure.”
The new contactless card features EMV Chip technology, which offers advanced security similar to that of contact EMV cards.
Based in San Francisco, Wells Fargo offers banking, investment and mortgage products and services, as well as consumer and commercial finance services.
