FIS (NYSE:FIS), the world's largest provider of banking and payments technology, today announced an innovative mobile payments solution that allows consumers to use most smartphones to make purchases at the point-of-sale (POS) and for online shopping.
This cloud-based payment solution is adaptable and secure, requiring only downloadable applications for both consumers and retailers. Importantly, the mobile payments solution can be built into retailers' and financial institutions' existing mobile applications, preserving brand equity and strengthening customer loyalty.
The FIS Mobile Wallet provides consumers with another option to electronically pay for goods and services. Consumers with smartphones download an application offered by their financial institution or retailer, attach their payment card information and then use the solution to make a purchase. The FIS Mobile Wallet is also uniquely secure since no payment credentials (e.g., card numbers or PINs) are provided to the POS device or stored on the smartphone, providing consumers with peace of mind that their information is private and transactions are safe.
The new solution, currently in production with a number of pilots, is unique in its ability to support popular smartphones and existing POS hardware while still being forward-compatible with new technology as it becomes available. This enables financial institutions to launch a mobile wallet today and to attract and retain customers via their own financial institution-branded mobile payments solutions. Retailers and financial institutions will also benefit through the solution's ability to promote advertising, couponing and companion offers to consumers directly through the application. The solution is a software-only offering enabling easy deployment for financial institutions, retailers and consumers.
"The FIS Mobile Wallet can be delivered to financial institutions and retailers alike," said Gary Norcross, chief operating officer, FIS. "Our focus is to provide market-leading capabilities that position our clients to compete in payments across channels. The launch of this innovative new capability extends and complements the FIS mobile suite significantly beyond competitive offerings."
"We strongly believe that many financial institutions and retailers are not comfortable ceding their brand equity, customer relationships and transaction data to new entrants in the payments ecosystem," said Chris Gardner, co-founder, Paydiant, Inc. "We are thrilled to team with industry leader FIS, who shares our customer-centric viewpoint."