MasterCard has announced its intention to enter into a commercial agreement with Monitise plc to accelerate the development and deployment of mobile wallets and digital payment solutions by financial institutions worldwide.

MasterCard also intends to make a minority investment in Monitise which provides solutions designed to help consumers bank anywhere, pay anyone and buy anything through mobile applications.

The combination of MasterCard and Monitise’s expertise in developing mobile platforms for commerce and banking is expected to result in additional innovative and secure solutions, according to the payment processing service provider.

Ed McLaughlin, chief emerging payments officer, MasterCard says “for more than a decade, MasterCard has driven the development of mobile commerce – including the world’s first contactless and mobile payments solutions. Our partnership with Monitise builds upon a shared commitment to improve the mobile shopping experience today and into the future.”