HPS, the provider of mission-critical solutions to the cards and payments industry announced that it has entered into a global services alliance agreement with Tech Mahindra.

HPS' PowerCARD payments technology will now be available to Tech Mahindra's customers worldwide. The alliance will enable Tech Mahindra's financial institutions and payment processing customers of all sizes to improve their cards and payments business by replacing legacy hardware and software with a single, flexible and cost processing effective platform, the company said.

Niraj Vedwa, global head -banking, payments and cards, Tech Mahindra, said, "Our mission is to deliver highest quality products, solutions and services to our existing and future customers that add value to their businesses and customers. HPS is undoubtedly the leader in payments software and this strategic partnership is extremely important for our market strategy and value proposition as it allows us to introduce a world-class payments processing platform to our customer base around the world."

Shares of the company gained Rs 32.7, or 1.63%, to trade at Rs 2,038.05. The total volume of shares traded was 30,404 at the BSE (11.24 a.m., Wednesday).