Fifth Third Bank offers customers five mobile wallet options
The editorial content below is based solely on the objective assessment of our writers and is not driven by advertising dollars. However, we do receive compensation when you click on links to products from our partners. Learn more about our advertising policy
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.
- Chase to launch new Marriott Rewards card with a 100,000-point sign-up bonus – Chase has unveiled plans to launch a new Marriott Rewards Premier Plus card with 100,000 bonus points, 6 points per dollar at Marriott hotels and 2 points per dollar on everything else ...
- Get up to 80,000 bonus points and 10x points on hotel stays with Chase’s new IHG cards – Chase and IHG have added two new products to their credit card portfolio: the IHG Rewards Premier card and the IHG Rewards Club Traveler card ...
- Earn 75,000 miles each year with the new Barclays Arrival Premier card – Read on to see how – by combining the generous rewards rate with the annual bonus – you can earn more than 75,000 miles each year with the new Barclays Arrival Premier World Mastercard ...