FIS has unveiled a new mobile payment solution that will allow customers to make use of smartphones to make payments while they are shopping at various places such as point-of-sale (POS) and online.
While still being forward-compatible with new technology as it becomes available, the new solution, currently in production with a number of pilots, is unique in its ability to support popular smartphones and existing POS hardware. 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.
To promote advertising, couponing and companion offers to consumers directly through the application, retailers and financial institutions will also benefit through the solution's ability.
“The FIS Mobile Wallet can be delivered to financial institutions and retailers alike,” said Gary Norcross, chief operating officer, FIS in a company press release. “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.”
To electronically pay for goods and services, The FIS Mobile Wallet provides consumers with another option. 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.
Providing consumers with peace of mind that their information is private and transactions are safe, 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.
Recently, the company announced that it has signed a multi-year agreement with Payango GmbH to provide prepaid card processing and risk management services in support of Payango’s European expansion of its prepaid card offering. Payango selected FIS’ prepaid card processing services to extend its legacy platform.
Previously, Payango could only serve customers in Germany. FIS’ card processing services have enabled Payango to extend its prepaid card offering to customers across Europe and introduce a program management service for other prepaid schemes.
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Raju Shanbhag is a contributing editor for TMCnet. To read more of Raju’s articles, please visit his columnist page.Edited by
Jennifer Russell
