Wells Fargo Enticing Users to Try Apple Pay With $10-$20 Credits

While some merchants are pushing back against Apple's new Apple Pay mobile payment service as they work on their own competing solution, banks are putting their weight behind Apple's solution that seeks to streamline the current experience of using a credit or debit card.

In an effort to encourage users to adopt Apple Pay, Wells Fargo has just launched a program offering credits of up to $20 just for trying out the service. Wells Fargo credit card users can receive one-time $20 credits, while debit and prepaid card users can receive $10 credits simply by using their iPhone 6 or 6 Plus to complete an Apple Pay purchase on their cards through November 30.

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Credit card customers will receive $20 credits on their statements within 1-2 billing cycles, while debit and prepaid customers will receive $10 credits on their linked Wells Fargo checking accounts within 45 days.

Banks have been strong supporters of Apple Pay, as the Touch ID authentication offers improved security over traditional credit cards, reducing fraudulent purchases for which banks assume responsibility. Apple does take a small cut of transactions processed using Apple Pay, but that amount appears to be a worthwhile tradeoff for these banks.

(Thanks, Matthew!)

Related Roundup: Apple Pay

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Top Rated Comments

bpeeps Avatar
147 months ago
Yeah, CurrentC is DOA.
Score: 25 Votes (Like | Disagree)
Glassed Silver Avatar
147 months ago
Swoosh, did you hear that?

That was the sound of CurrentC's significance plummeting long before arrival.

Glassed Silver:mac
Score: 20 Votes (Like | Disagree)
C DM Avatar
147 months ago
Welcome to ApplepayRumors! Enjoy your stay.
An Apple site discussing an Apple service...who would ever think of such a thing!
Score: 15 Votes (Like | Disagree)
budselectjr Avatar
147 months ago
Plus Apple pay may be even higher with Apple's cut included.
For the 1,000th time, the retailer does not pay extra for a Apple Pay tranaction. The banks are the ones paying Apple.
Score: 14 Votes (Like | Disagree)
greytmom Avatar
147 months ago
With apple pay, all the liability is on you because of how secure it is. Any "misuse" that happens, the banks assume you helped the criminal, so you have to pay for any fraud that might happen.

Wow. Your user name is incredibly misleading.
Score: 9 Votes (Like | Disagree)
zioxide Avatar
147 months ago
You're kidding right? Credit cards cost 2-3% of a transaction value while CurrentC ACH is close to $0. Plus Apple pay may be even higher with Apple's cut included. A retailer would be stupid not to push CurrentC. Now if Apple and the credit card providers were willing to lower their processing fees down to ACH levels more retailers would probably considered it.

By the way, why can't windows users watch Apple events live on their PCs? Do Apple stores accept Google Wallet or Paypal?

A consumer would be stupid to give any retailer direct access to their checking account when retailers prove every week they can't secure customers personal information if their lives depended on it.

Next thing you know, CurrentC gets hacked like Target, hackers get 40 million checking account numbers and those customers accounts are wiped empty before anyone even knows a breach occurred. Good luck getting that money back, it's not as easy as stopping fraudulent credit card transactions.
Score: 9 Votes (Like | Disagree)