US banking and payments technology company FIS has selected Boston-based mobile payments company Paydiant to launch a mobile payments service which allows consumers to use smartphones to make purchases at the point-of-sale (POS) and for online shopping.

The FIS Mobile Wallet provides consumers with another way to pay for goods and services electronically. Consumers with smartphones download an application from their financial institution or retailer, attach their payment card information and then use the solution to make purchases.

The new service is currently in production with a number of pilots. The solution is a software-only service enabling deployment for financial institutions, retailers and consumers.

In December 2011, UK-based mobile financial technology company Monitise signed a five year partnership with FIS to provide mobile money services for existing and new clients.