Banking and payment technologies provider FIS is launching a new mobile wallet in collaboration with Boston-based mobile payments company, Paydiant. The mobile payments solution is cloud-based, enabling consumers to make purchases at the point-of-sale (POS) and online using their smartphone device. The solution is a software-only offering which retailers and financial institutions can integrate into their existing mobile applications. For consumers, setting up the software requires downloading an app provided by the retailer or financial institution and inserting their card payment information – all future transactions with that particular retailer or financial institution can then be made directly from the consumer’s mobile wallet, through the smartphone. The wallet is secure in that no sensitive data is ever provided to the POS device or stored on the smartphone.
The wallet is compatible with existing smartphones and POS hardware and designed to function with new technology as it is released. Other than payments, the solution enables companies to promote advertising, couponing and customer relationship management through the application. The software is currently in production with a number of undisclosed pilots.
FIS’s entrance into the mobile payments market is a bold step with giants in the telecom, bank and web space industries all vying for dominance. Competition includes ClearXchange (an alliance of Wells Fargo, Bank of America and Chase), ISIS (including AT&T, T-mobile and Verifone), Visa and Google.
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