Fifth Third Steps Up to Take Biggest Mobile Payment Names

January 16, 2024         By: Steven Anderson

The adoption of mobile payments into mainstream use has been something of a fragmented journey. Stores have accepted the payments system with uneven levels of enthusiasm, ranging from “we won’t touch it” to “our payment system is built into our app”.

That level of variance has made Fifth Third’s recent announcement particularly brave, as it noted that it would now offer its customers access to all five of the biggest names in mobile payments.

With this move, Fifth Third customers can use both credit and debit cards with Android Pay, Apple Pay, MasterPass, Microsoft Wallet, and Samsung Pay. That’s far from the only mobile payment systems out there, of course, but these are generally regarded as the five biggest.

Additionally, Fifth Third has made it that much safer as well as easier to use the payments systems; in some cases, transactions can be authorized with one-time security codes, as well as by using virtual account numbers which stand in for the real thing.

Greg Carmichael, Fifth Third Bancorp’s president and CEO, commented “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. We are committed to providing secure and convenient ways for our customers to bank when and how they want.”

It’s hard to go too far wrong with an attitude like that. Basically, Fifth Third has seen the customers clearly interested in using such systems, and has thereby stepped up to make the really only obvious move of giving the customers just what they wanted.

0That’s a good move for the customers, and for Fifth Third, who will no longer have to deal with losing customers to those who will offer what the customers want. Why Fifth Third waited this long to hand over access to such systems is unclear, but it might well have been confirming there was a market. Why offer systems to a market that doesn’t care, or is too small to make much difference?

Regardless, the systems are in place now, so those with Fifth Third will be able to put their mobile devices to work making mobile payments as desired.