PURCHASE, N.Y. - MasterCard International on Monday announced an agreement with 724 Solutions Inc., an Internet technology company, to develop software for conducting payment transactions through wireless devices.724 Solutions will incorporate payment functionality based on MasterCard's magnetic stripe and chip technology into its existing financial services platform and its digital wallet technology for mobile devices, which is under development.

The two companies plan to implement their mobile commerce solution in key markets with selected mobile operators and handset manufacturers in pilot tests later this year.

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