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(CNN Business) —  

Two of the world’s top payments companies are coming together in a $43 billion deal.

FIS, a financial technology company that provides software for payment processing and other services mostly to banks, is buying Worldpay (WP), which makes technology that underpins credit card and other transactions for e-commerce merchants.

Acquiring Worldpay will help FIS expand its reach in digital payments. Worldpay processes around 40 billion transactions a year. For Worldpay, the deal will help expand into new markets and compete with global payment rivals.

The companies are trying to create a “one-stop shop,” said Darrin Peller, analyst at Wolfe Research. They believe joining forces will put them in stronger positions to capitalize on the growing e-commerce payments industry and provide improved financial technology solutions to banks and merchants. Global payments are set to reach close $3 trillion within the next five years, projects McKinsey.

FIS and Worldpay struck the deal as the payments and processing industries consolidate. FIS’ big competitor Fiserv (FISV) recently acquired First Data (FDC), a payments rival to Worldpay.

“Scale matters in our rapidly changing industry,” FIS CEO Gary Norcross said in the statement. “As a combined organization, we will bring the most modern solutions targeted at the highest growth markets.”

FIS is offering Worldpay shareholders a mix of cash and stock to make the deal happen. It will assume Worldpay’s debt as part of the agreement that values the company at $43 billion.

FIS shareholders will end up holding 53% of the merged company, while Worldpay shareholders will own the remaining 47%. The deal is expected to close later this year.

Shares in Worldpay were up nearly 11% in early trading Monday.