Fifth Third Bancorp said that it is one of the few US banks to offer its customers the ability to use all five major forms of mobile payments.
These mobile wallets allow customers to make in-store purchases from their eligible smartphone devices at participating retailers.
Fifth Third offers customers the option to make credit and debit card payments via Apple Pay, Samsung Pay, MasterPass and the recently added 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,” 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.”
Americans made an estimated $27.67bn in purchases on smartphones in 2016, according to research firm eMarketer. That amount, a 183% increase over 2015, is expected to double again in 2017.
Fifth Third has seen the popularity of mobile payments grow among its customers in the past few years. Since 2015, when Fifth Third launched Apple Pay, mobile payments have increased by 133% among Fifth Third’s customers.
Fifth Third Bancorp Consumer and Small Business Payments director Jimm Bell said: “Consumers are rapidly adopting mobile payments and we are providing our customers with every option available on the market today.
“We want to make it simple and secure for customers to pay with their phones.”
Security and privacy are at the core of each of these mobile payment solutions. Each service uses advanced methods of payment security, such as authorizing transactions with a one-time unique dynamic security code or using a virtual account number to represent account information.