Telefonica Digital has struck a deal with Sybase 365 to develop plans for a virtual wallet capable of storing cards and enabling peer-to-peer transfers.

A subsidiary of Sybase Inc and a specialist in mobile commerce services, Sybase 365 will help to develop the m-wallet as part of a global strategic partnership.

Telefonica Digital hailed Sybase as "a leader in its field whose expertise will be a key element in helping us bring the best customer experience to market".

Virtual, and capable of storing prepaid, debit, credit and loyalty cards, the m-wallet will allow customers to access a range of mobile financial services - from stored value accounts through to payments and peer-to-peer transfers.

Joaquin Mata, head of financial services at Telefonica Digital, said: "The mobile wallet lies at the heart of our financial services strategy and it is crucial that we deliver a strong, simple and secure user experience to our customers."