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Wells Fargo spins out marketing campaign around mobile paymentsBy
Wells Fargo is hoping to spur some buzz about its involvement with mobile payments and wallet Isis through a new promotion that rewards in-store transactions.
The new 20/20 promotion rewards first-time Isis users with a discount for using the tap-and-pay technology at retail stores. Wells Fargo signed on to support Isis in December.
“Part of our vision as a company is to help our customer succeed financially,” said Natalie Brown, spokeswoman at Wells Fargo, San Francisco.
“One of the ways we do that [is to] help them make payments when, where and how they want, including their mobile wallet,” she said.
“Wells Fargo’s mobile wallet strategy is to test various approaches with consumers and merchants in order to obtain their feedback.”
Scaling mobile payments
To participate, consumers first need to download the Isis mobile wallet app and link it to a Wells Fargo account. The free Isis app is available for select NFC-enabled Android phones and for iPhone devices through a mobile-enabled case.
Isis is supported by Verizon, T-Mobile and AT&T.
Wells Fargo’s promotion will give a $20 credit the first time that they use the Isis mobile wallet.
Additionally, the first purchase qualifies Wells Fargo bankers to earn 20 percent back – or up to a $100 value – in statement credits per month.
The promotion runs through April 30.
The initiative is aimed at building awareness and usage around Isis, which is critical since Isis is still new to most consumers. After being in beta testing in a few cities for a year, Isis rolled out nationwide in November.
Isis is available at retailers including Macy’s, CVS and Jamba Juice.
In addition to the Wells Fargo promotion, several other retailers and financial institutions are also drumming up awareness about Isis through special offers.
American Express Serve account members also receive 20 percent back on purchases made through the Isis app.
Additionally, Jamba Juice began a program in October that lets consumers earn a free 12-ounce smoothie or juice for using Isis (see story).
Toys “R” Us offers shoppers $15 off of a $30 or more purchase when they use Isis for the first time.
Coca-Cola gives consumers their first three drinks free for tapping an Isis-enabled phone at a vending machine.
Testing new technology
With mobile banking quickly gaining traction, Wells Fargo has rolled out several new mobile initiatives in the past year.
Most recently, the bank began testing voice command in its mobile banking services to speed up the amount of time that it takes for consumers to find information (see story).
Wells Fargo also rolled out text receipts in June as a way for consumers to keep track of ATM transactions (see story).
As of June 2012, Wells Fargo had 8.5 million mobile bankers (see story).
“The services we are looking at inside and outside of the bank are not just about payments, they are about improving the overall commerce experience for consumers and merchants,” Ms. Brown said.
Lauren Johnson is associate reporter on Mobile Commerce Daily, New York
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