Wells Fargo is banking on the future of mobile payments, announcing on Tuesday its Wells Fargo Wallet will be available for Android customers this summer.
The bank's customers can already make purchases through Android Pay, but the new wallet will bring convenience to millions of new customers, said Jim Smith, head of mobile and online channels at Wells Fargo. There are currently more than 5 million Android customers using the bank's mobile app.
"Different customers are going to choose different solutions and we really want to support our customers with the payment options that they want," he said Tuesday in an interview with CNBC's "Closing Bell."
In fact, research shows that 50 percent of smartphone users actually prefer a wallet from their primary bank, said Smith.