Fifth Third Bank offers customers five mobile wallet options
By Tracy Brackman | Published: January 18, 2017
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Fifth Third Bancorp has recently become one of the few U.S. banks to give customers access to five mobile wallet options. Fifth Third customers can now make credit and debit card payments via Apple Pay, Samsung Pay, MasterPass, Android Pay and Microsoft Wallet.
“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,” Greg Carmichael, Fifth Third Bancorp president and CEO, stated in a press release.
A trend toward mobile payments
According to estimates from research firm eMarketer, Americans made $27.26 billion in purchases using smartphones in 2016 -- a 183-percent increase from 2015. That amount is projected to double in 2017.
In an attempt to meet the growing needs of consumers, Fifth Third launched its first mobile wallet, Apple Pay, in 2015. Since then, mobile payments have increased by 133 percent among Fifth Third customers.
“Consumers are rapidly adopting mobile payments, and we are providing our customers with every option available on the market today,” explained Jimm Bell, director of consumer and small business payments for Fifth Third Bancorp.
In addition to convenience, Fifth Third also aims to provide payment protection. “We want to make it simple and secure for customers to pay with their phones,” stated Bell.
To ensure that customers’ credit card information remains secure, each mobile wallet transaction is authorized using a one-time unique dynamic security code or a virtual account number to represent account information.
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