FIS, a developer of financial services technology, has launched a new mobile payments platform, dubbed BuyWay, which unifies merchants, service providers and consumers.
The new platform will eliminate the need for retailers to purchase new hardware as it will integrate apps on a consumer’s digital device or car to a merchant’s POS system.
It will add payment functionality to merchant apps, speeds up purchases by eliminating physical contact with the POS and increases security because no card data is passed through the POS, the company said.
The platform can also be integrated into loyalty rewards programs. FIS added that it will partner with Chase to help implement Chase Pay with petroleum merchants.
The company revealed that future installations will extend mobile payments to multiple market segments, including parking garages, restaurants and unattended kiosks.
FIS executive vice president for global retail payments Bruce Lowthers said: “Digitally empowered consumers are demanding the future of payments today. FIS BuyWay offers personalized, hassle-free shopping experiences that position merchants and service providers on the leading edge of payments, motivating and incentivizing consumers to return over and over.”