Hong Kong (CNN Business) Two of the world's top payments companies are coming together in a $43 billion deal.

, a financial technology company that provides software for payment processing and other services mostly to banks, is buying, 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 competitorrecently acquired, 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.