FIS picks Paydiant for mobile wallet service launch

US banking and payments technology company FIS has selected mobile payments company Paydiant to launch a mobile payments service. The product aims to enable consumers to use smartphones to make purchases at the point-of-sale (POS) as well as for online shopping. Smartphone users download an application from their financial institution or retailer, attach their payment card information and then use the solution to make purchases. The FIS Mobile Wallet service is currently undergoing a pilot phase. The service is a software-only service enabling deployment for financial institutions, retailers and consumers.