Saavn, an India-based music streaming service, Wednesday announced a multiyear agreement with U.S.-based mobile payments company Mozido.

The partnership will leverage Mozido's mobile wallet and engagement platform to streamline payments, rewards, financial services, and offers for Saavn's 18 million listeners, according to a press release. The companies plan to introduce the mobile wallet later this year.

Under the agreement, Mozido will integrate its mobile wallet payment platform as the preferred payment option for the Saavn Pro premium offering. The partnership enables Saavn to offer its Indian listeners access to a convenient payment option, while giving Mozido an opportunity to provide a broader array of financial and engagement services to Saavn's young, tech-savvy and growing consumer base, according to the announcement.

"We're incredibly excited to partner with Mozido for their entry into India as well as help them build a strong brand in the market," said Vinodh Bhat, Saavn co-founder, president and chief strategy officer. "Our team was impressed by Mozido's MoTeaf technology platform as well as by their overall roadmap for mobile payments and financial services for consumers in emerging markets. "We're always on the lookout to provide our customers with new and convenient means to sign up, interact and pay for Saavn Pro, and this is such a great fit."