Of Special Interest
- Financial wellness affects half of peoples’ mental or physical health, finds report
- Study finds traditional financial institutions embrace Fintech disruption
- Grass is greener for environmentally friendly businesses, finds Barclays
- Prospective homeowners would consider a 40-year mortgage to escape renting, finds Santander
- Millennials’ needs are changing the face of banking industry, says new report
- FS is putting consumer data at risk by failing to protect mobile apps, says Arxan
- A lack of belief in their ability holds 28% women back in work, says Cambridge & Counties
- ‘Which?’ reveals Scotland has lost over a third of its bank branches in eight years
- Next downturn unlikely to be as bad as 2008, according to S&P
- FCA reveals findings from first cryptoassets consumer research
- US consumers favour single mobile app for banking and payments
- Banks suffering major IT shutdowns every day, ‘Which?’ reveals
- The US will be a key offshore centre in 2019, says GlobalData
- Debit industry changes markedly in 10 years of the Debit Issuer Study
- UK's ‘Big Five’ face ‘too big to compete’ as small challengers secure stellar returns
- Banks as vulnerable now as before crash, says new study
- Leverage ratio a constant conundrum for European and US banks, says SNL
27th January 2012
FIS announces POS mobile wallet
FIS announced a new mobile wallet for use at Point of Sale or on the internet. This has been developed with Paydiant Inc. The wallet is linked to a card of the customer's choice. The system is said to be already used in a number of pilots. FIS say the system is secure since no payment credentials are provided to the POS device or stored on the smartphone.
The wallet is able to support multiple 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.
"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."