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MasterCard International and Hitachi are setting up a joint venture to promote smart cards that use a common operating system called Multos, according to published reports.
Multos is a secure operating system for smart cards that can run applications from different vendors.
Hitachi and MasterCard will control about 40 percent of the new company, with Hitachi investing $2.41 million for an 18 percent stake.
The companies will partner with Australian smart-card software vendor Keycorp and Oak Hill Venture Partners, a venture capital firm that will control 44 percent of the new entity.
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