Wells Fargo Bank has announced its support for Samsung Pay.
In a statement, Wells Fargo Virtual Channels head Jim Smith framed the support as part of a broader commitment on the bank’s part to offer a range of payment options. “We want to satisfy our customers’ financial needs when, where and how they want,” he said, “and allowing them to pay from a mobile wallet with features like Samsung Pay helps us fulfill that promise.”
It’s a significant gain for Samsung Pay. Wells Fargo is a major American bank, and one that has already offered support for mPayment rivals like Android Pay and Apple Pay, and as Samsung Pay seeks to make gains in the American market against the deeply entrenched Apple Pay in particular, it’s going to need all the help it can get from the country’s major financial institutions.
In announcing the support Wells Fargo highlighted its own security architecture, noting, “All transactions are monitored with Wells Fargo risk and fraud detection systems, and Wells Fargo Credit Cards and Debit Cards are covered by Zero Liability protection”. The bank’s interest in sophisticated security measures – it joined the FIDO Alliance last year and has been intensively exploring biometric security – may have helped it to see Samsung Pay’s case, given the mPayment platform’s use of fingerprint scanning for authentication, a feature it shares with Apple Pay but that Android Pay lacks.