Wells Fargo & Company announced its new mobile customer-to-customer payment option, which allows Wells Fargo customers to transfer money to each other via the Wells Fargo Mobile SM Banking service.
More and more Americans are using mobile devices for banking, and we want to be there for our customers where and when they need us whether they are waiting in line at a store or traveling by bus, says Arah Erickson, vice president and head of Wells Fargo Retail Mobile Banking. The added ability to transfer funds while on the go will be especially helpful for parents who have kids in college this fall as well as for students who need quick access to money at the last-minute to cover living costs, textbooks, or to split an expense with a roommate.
Wells Fargo Mobile customer-to-customer money transfer service is free, fast, safe and easy-to-use. Customers simply log-on to online banking, add the account number of the customer to whom they wish to transfer money and make a first-time transfer. Subsequent transfers can be made from customers mobile devices by logging onto WF.com and following the prompts, or online from their computers. Customers can transfer up to $1,000 daily to another customer the moment they think about it, taking it off the to do list.
Our research shows there is strong interest in transferring money from a mobile device, as well as online, says Adam Vancini, senior vice president at Wells Fargo Internet Services Group. Wells Fargos secure mobile banking ensures that key banking tasks such as transferring funds, paying bills, receiving alerts and reviewing account balances can all be done on the go. We want to deliver a complete set of financial solutions to satisfy our customers needs and to deliver those solutions in new and convenient ways.
According to Javelin Strategy & Research, an independent research firm, the immediacy of the mobile channel resonates most with consumers likely to use mobile person-to-person transfers, and sending and receiving money quickly is cited as the primary motivation for consumers to engage in mobile person-to-person transfers.
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