Cincinnati - Fifth Third Bancorp (NASDAQ: FITB) is excited to be one of the few U.S. 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 $27.67 billion in purchases on smartphones in 2016, according to research firm eMarketer. That amount, a 183-percent 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 percent among Fifth Third’s 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.”
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.
*Mobile Internet data charges may apply. Contact your mobile service provider for details.
About Fifth Third
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. As of December 31, 2016, the Company had $142 billion in assets and operates 1,191 full-service Banking Centers, and 2,495 ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia and North Carolina. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending and Wealth & Asset Management. Fifth Third also has a 17.9% interest in Vantiv Holding, LLC. Fifth Third is among the largest money managers in the Midwest and, as of December 31, 2016, had $315 billion in assets under care, of which it managed $31 billion for individuals, corporations and not-for-profit organizations through its Trust and Brokerage businesses. Investor information and press releases can be viewed at www.53.com. Fifth Third’s common stock is traded on the NASDAQ® Global Select Market under the symbol “FITB.”