Fifth Third Customers Can Use All 5 Major Mobile Wallets
Fifth Third announced that customers can now use all five major mobile payment options—Apple Pay, Samsung Pay, MasterPass, Android Pay and Microsoft Wallet—to complete transactions at participating retailers. Fifth Third is one of the few U.S. banks to give its customers this many options.
“At a time when more consumers want to make mobile payments, Fifth Third is pleased to be one of the first banks to offer all five mobile payment options,” said Fifth Third Bancorp President and CEO Greg Carmichael. “We are committed to providing secure and convenient ways for our customers to bank when and how they want.”
The bank reports that Americans purchased $27.67 billion on their smartphones in 2016, and research indicates mobile wallet usage will increase 36% from 2017 to 2021. Fifth Third has seen this rising popularity firsthand. It introduced Apple Pay in 2015, and since that time, mobile payments have increased 133% among customers.
“Consumers are rapidly adopting mobile payments and we are providing our customers with every option available on the market today,” said Jimm Bell, director of Consumer and Small Business Payments for Fifth Third Bancorp. “We want to make it simple and secure for customers to pay with their phones.”
Part of the appeal of mobile payments is the security of the transaction. Since transactions are authorized with a one-time dynamic security code or a virtual account number, the information from a customer’s credit card is protected.