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Here comes Wells Fargo Wallet

Wells Fargo is throwing itself into the mobile wallet fracas with plans to introduce the Wells Fargo Wallet later this summer, according to a press release.

The bank will integrate Wells Fargo Wallet into its existing Wells Fargo mobile app experience for Android users. Wells Fargo is using the same approach as some banks overseas by adding a payments feature to an existing mobile banking app via HCE.

"Today we're pleased to announce Wells Fargo Wallet for Android users, giving customers the unique ability to make secure NFC payments directly from the Wells Fargo mobile app," said Jim Smith, head of virtual channels for Wells Fargo. "We know mobile is key to the future of payments, and we expect Wells Fargo Wallet to provide us a richer understanding of the quickly evolving landscape."

In addition to mobile payments, the app can also be used to make cardless ATM transactions. More than 40 percent of Wells Fargo's ATMs will be NFC-enabled by the end of 2016.