Wells Fargo, retailers boost mobile wallet use

Wells Fargo (NYSE: WFC) is quickly becoming a big proponent of mobile payments, and is incentivizing its customers to use them more.

Wells Fargo's "20/20" promotion rewards first-time Isis users with a discount for using the tap-and-pay technology at its banks with a $20 credit. In addition, their first purchase qualifies users to earn 20 percent back – or up to a $100 value – in statement credits monthly.

With the promotion, Wells Fargo is wisely building awareness and usage around Isis, which only launched nationwide in November.

"Part of our vision as a company is to help our customer succeed financially," Natalie Brown, spokeswoman at Wells Fargo, told Mobile Commerce Daily. "One of the ways we do that [is to] help them make payments when, where and how they want, including their mobile wallet."

While many consumers are not familiar with mobile wallets, Isis is becoming more common at major U.S. retail chains including Macy's (NYSE:M), CVS (NYSE: CVS) and Jamba Juice (NASDAQ: JMBA). Like Wells Fargo, some retailers are incentivizing their shoppers to use Isis. Toys "R" Us, for example, offers shoppers $15 off a purchase of $30 or more when they use Isis for the first time.

Jamba Juice customers can earn a free 12-ounce smoothie or juice when they use Isis, and Coca-Cola (NYSE:KO) pays for their first three drinks when consumers tap their Isis-enabled phone at a vending machine.

For more see:
This Mobile Commerce Daily article

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