Wells Fargo Teams Up With Fitbit to Launch Payment System “Fitbit Pay” to the Bank’s Customers

Wells Fargo & Company (NYSE: WFC) recently announced it is partnering with Fitbit (NYSE: FIT) to launch Fitbit Pay for its customers. According to the banking giant, the new payment system will give customers the ability to conveniently and securely make purchases at merchants whose payment terminals are set up to accept near-field communication (NFC) payments. While sharing details about the collaboration, Jim Smith, Head of Virtual Channels at Wells Fargo, stated:

“Increasingly, our customers are choosing mobile to manage their finances and make payments. In fact, in May 2017, Wells Fargo had more active mobile customers than online ones for the first time ever. As customer behavior and preferences continue to shift, we’re pleased to provide more options to conveniently make payments from mobile devices and wearables like Fitbit Ionic.”

Wells Fargo also revealed that mobile banking is the fastest growing channel in its history, with more than 20 million active customers. Danny Peltz, head of Treasury, Merchant and Payment Solutions at Wells Fargo, also commented:

“Offering convenient mobile payment capabilities like Fitbit Pay allows us to use the latest technologies to help deliver an outstanding customer experience, build trust and give more information to customers to help them make good decisions that lead to financial success. We’re thrilled to add Fitbit Pay to our growing list of innovative payment solutions for our customers.”

Wells Fargo then added:

“When a customer makes a payment with Fitbit Pay using their Wells Fargo cards, all transactions are monitored with Wells Fargo risk and fraud detection systems. Wells Fargo card purchases also are protected by Zero Liability, which means customers will be reimbursed for any unauthorized card transactions when reported promptly.”

Fitbit Pay is currently available on the wearable company’s first smartwatch, Fitbit Ionic, which offers broad compatibility across Android, iOS, and Windows smartphones.

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