Wells Fargo Hopes to Have Customers Pay by Phone

In San Francisco, Wells Fargo is launching its second attempt to promote the use of mobile payments. 200 members of the SF staff will be testing the mobile-phone payments over the course of the next six months. A few years ago, Well Fargo tested the use of a Nokia phone instead of a credit card, in the purchasing of fast food and various other items. The bank did not end up offering the service to the public, mainly because only one handset was capable of handling the exchange.

The new technology is inserted into pre-existing phones with a microSD card. In order to make a purchase, the user just needs to open the Wells Fargo Mobile Banking app. “We have made an investment in this technology, and we hope this investment pays off,” said Peter Ho, the product manager of card services at the bank.

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