Mobile Commerce

Android Pay/Samsung Pay Gain More Big Bank Support

In a duo of partnership news that ties in with the emergence of mobile payments, Fifth Third Bank said on Wednesday (June 8) that it has begun to offer its consumers the option to transact with credit and debit cards using the Samsung Pay platform. As has been widely reported, using this platform means that consumers can use their Samsung device to make payments.

In a statement accompanying the release, Randy Koporc, head of payments and commerce solutions for Fifth Third Bank, stated: “At a time when more and more consumers are looking for mobile payment solutions that are convenient and secure, we are pleased to offer Samsung Pay to Fifth Third Bank customers.”

Separately, U.S. Bank stated on that same day that MasterCard members can use Android Pay, along with Samsung Pay, to broaden payment options for its own installed base. U.S. Bank customers, in addition to small business cardholders, can load cards onto Android and Samsung mobile devices and can use the aforementioned solutions, which also work with MasterCard credit cards that are issued by U.S. Bank for co-branded partners, such as Edward Jones and REI. Payments can be also made without pulling out a wallet, said the firms, and Android comes preloaded on devices. Card details are kept safe, as well as credit and debit card data not being sent to merchants upon payments being made. Security is ensured through tokens, where virtual account numbers replace card data.

“Partnering with MasterCard to bring more mobile payment options to our cardmembers helps make it easier for them to try new ways to pay,” Clifford Cook, senior vice president for U.S. Bank retail payment solutions, said in a statement. “This is an important step in the continuing evolution of payments and consistent with providing our cardmembers the convenience of making mobile payments with whatever mobile device they choose.”


New PYMNTS Report: Preventing Financial Crimes Playbook – July 2020 

Call it the great tug-of-war. Fraudsters are teaming up to form elaborate rings that work in sync to launch account takeovers. Chris Tremont, EVP at Radius Bank, tells PYMNTS that financial institutions (FIs) can beat such highly organized fraudsters at their own game. In the July 2020 Preventing Financial Crimes Playbook, Tremont lays out how.

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