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.”
FIS (fisglobal.com) is the world’s largest global provider dedicated to banking and payments technologies. With a long history deeply rooted in the financial services sector, FIS serves more than 14,000 institutions in over 100 countries. Headquartered in Jacksonville, Fla., FIS employs more than 32,000 people worldwide and holds leadership positions in payment processing and banking solutions, providing software, services and outsourcing of the technology that drives financial institutions. First in financial technology, FIS tops the annual FinTech 100 list, is ranked third on the Barron’s 500, 426 on the Fortune 500 and is a member of Standard & Poor’s 500® Index.
Paydiant (paydiant.com) is a Boston-based mobile payments company whose platform allows merchants, banks and processors to launch and manage their own mobile payments offering, on their own terms. Based on an enterprise-class hosted transaction processing platform, the Paydiant solution allows companies to enroll their own customers, build mobile payments into their own mobile applications, issue branded mobile wallets, and redeem offers, all while preserving control over this critical customer touch point. Visit paydiant.com for more information about the Paydiant solution.
This news release contains forward-looking statements that involve a number of risks and uncertainties. Statements that are not historical facts, including statements about our beliefs and expectations, are forward-looking statements. Forward-looking statements are based on management's beliefs, as well as assumptions made by, and information currently available to, management. Because such statements are based on expectations as to future economic performance and are not statements of fact, actual results may differ materially from those projected. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. The risks and uncertainties which forward-looking statements are subject to include, but are not limited to: changes in general economic, business and political conditions and other risks detailed in the “Statement Regarding Forward-Looking Information,” “Risk Factors” and other sections of the Company’s Form 10-K and other filings with the Securities and Exchange Commission.
For More Information:
Mary Waggoner, SVP, FIS Investor Relations
P: 904.438.6282 / E: mary.waggoner[.]fisglobal.com.