Firms will co-invest in mobile wallets, contactless payments, and merchant offers.
The digital arm of mobile network Telefonica and credit firm Visa Europe have partnered to spread a string of mobile payment services across the continent.
It will build on the existing platform launched in the UK a couple of years ago, when Visa and O2 teamed up for SIM-based payment communication.
The market has changed significantly since then, as OEMs and brands warm to the idea of mobile wallets, and NFC contactless payments.
In addition to the aforementioned verticals, the service will also enable Telefonica and Visa clients to use mobile point of sales and targeted offers to their campaigns.
Joaquin Mata, director of financial services at Telefónica Digital,said: "Visa has been an important partner for a number of years in Europe, helping us to trial, test and ultimately launch mobile payments products.
"This market has enormous untapped potential and through this partnership with Visa Europe we aim to unlock significant new business opportunities.”
Mariano Dima, executive VP, product and marketing solutions at Visa Europe, said: "This partnership will deliver mainstream, commercial mobile payments on an international level."