First Global Data Ltd. today announced it has signed a joint venture agreement with RP Telebuy Skyshop Ltd. to launch its digital wallet payment technology and its suite of products and services in India.

According to the First Global Data announcement, Telebuy is a leading online shopping company in India that offers lifestyle accessories, fitness and fashion and health products through direct response television and sells the products through multiple distribution channels across India. Telebuy has approximately 2.5 million customers and 60,000 merchants in its distribution network.

Pursuant to the JV, First Global Data and Telebuy will establish an Indian company of which First Global Data will own 60 percent of the issued and outstanding securities.

"India is a very important market for First Global. Telebuy's business and existing base of millions of customers provides First Global with immediate penetration into one of the largest consumer markets in the world," First Global Data President Andre Itwaru said in the announcement. "This is the first step in First Global's India strategy which includes continued expansion of our mobile payment products and services in India and across the region."