Paydiant Powers FIS Mobile Wallet Offering

January 27, 2012, By Sanjeev Ramachandran

Essentially rejecting the mobile payment approaches of the major players in this space including Google Wallet, Isis and PayPal, FIS Global has roped in Paydiant to power its mobile wallet offering. Have a look at how Paydiant’s solution works.

The FIS Mobile Wallet is yet another option to electronically pay for goods and services.

Consumers with smartphones can 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 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,” he said. 

The launch of this innovative new capability extends and complements the FIS mobile suite significantly beyond competitive offerings.

Paydiant’s solution is 100% cloud-based. There are no credentials stored on the phone or shared at the Point of Sale, meaning customers do not have to worry about their private information being abused.  This makes it much more secure for retailers and banks too.

Also, Paydiant’s software-only solution works with existing handsets and point of sale technologies, to support popular smartphones and existing POS hardware.

So the financial institutions can have their own branded mobile payment solutions, instead of letting a third party come in between.

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. “We are thrilled to team with industry leader FIS, who shares our customer-centric viewpoint,” he said.

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