LIVE FROM GSMA MOBILE WORLD CONGRESS 2014: MasterCard has agreed to buy C-Sam, a provider of mobile wallet and on-device software and services, in order to speed the development and deployment of mobile wallets and payment services globally, including the rollout of its MasterPass digital service.

The announcement, which was made on the first day of Mobile World Congress 2014, builds on a global strategic partnership developed between the two companies in December 2012, as well as a minority investment by MasterCard.

Terms of the agreement were not disclosed. The closing of the acquisition is subject to regulatory approval and is expected in the first quarter of this year.

C-Sam has supported commercial mobile payments services in India, Japan (DNP), Mexico, Singapore (StarHub), the United States (Isis) and Vietnam.

The C-Sam platform also supports customer-specific offers, loyalty incentives, banking, bill-pay options and non-financial secure transactions.

“Consumers today are living digital lifestyles, shopping in new ways using a range of new products and devices,” said Ed McLaughlin, Chief Emerging Payments Officer, MasterCard.

“Bringing C-Sam’s mobile expertise into MasterCard will help us launch a wider range of mobile and virtual solutions better and faster – bringing convenience and choice to consumers, while adding value to our expanding partnerships with telcos, governments and merchants.”

Also at Congress, MasterCard announced MasterPass in-app payments, which enable consumers to make secure purchases within a mobile app and remove the need to store payment card credentials across several apps.

Of course, the source of the new service relies on the credit card firm signing up apps. So far, Forbes Digital Commerce, Fat Zebra, NoQ, Starbucks Australia and Shaw Theatres Singapore are among the first app providers that will power their in-app purchasing capabilities with MasterPass.

ABI Research has forecast that overall revenues from mobile applications, including in-app purchases, will reach $46 billion by 2016, more than five times greater than the $8.5 billion earned in 2011.