FIS is partnering with US mobile payments
platform Paydiant to launch a cloud-based mobile wallet. 

FIS’ mobile wallet is currently in
production with a number of pilots in the pipeline.

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The new tool is not dependant on NFC, but
will allow consumers to use their smartphones for online shopping
in-store, the company said.

According to FIS, its mobile wallet neither
discloses payment credentials to the POS device nor stores them on
the smartphone.

The new solution not only targets
retailers, but also financial institutions, in an attempt to bring
together mobile payments and mobile banking.

FIS’s wallet can be built into retailers’
and financial institutions’ existing mobile platforms, enabling
banks to own the customer relationships.

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“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 co-founder of Paydiant, Chris Gardner.