The agreement comes as Mastercard also becomes the official payment partner for the first tennis Grand Slam of the season, the Australian Open.

Competition at the 2017 Hopman Cup is due to begin on January 1, with Switzerland’s Roger Federer and the Czech Republic’s Petra Kvitova among the star names looking to begin their year on a high.

The event, which will take place at the Perth Arena, sees one male and one female player compete for their nation.

In total, eight nations will be represented at the tournament.

"We are thrilled to welcome such a prestigious international brand to our event, and look forward to the Mastercard Hopman Cup in 2017," said Paul Kilderry, Hopman Cup tournament director.

"Mastercard will enhance the fan experience through their role as naming rights partner and help us create many priceless moments for our audience, as well as work with us to continue to boost the profile of the Hopman Cup worldwide.

"This is a significant partnership and we look forward to working with Mastercard on presenting the 2017 event, one of Australia’s biggest tennis tournaments."

Daria Gavrilova and Nick Kyrigos became the first Australian winners of the event since 1999 at last year's edition, but the duo may be unable to defend their title at the 2017 competition.

It follows Kyrigos being handed an eight week tournament ban by the ATP earlier today, which would rule him out of playing at the Hopman Cup.

He could be eligible to play should he have the sanction reduced to three weeks, which would depend on him seeing a sports psychologist.

Mastercard are also due to partner with Australian Open warm-up events in Sydney, Hobart and Adelaide ahead of the first Grand Slam of 2017.

The company already boast existing deals with the Roland Garros, home of the French Open, and the Miami Open.

"We are delighted to join forces with Mastercard and welcome them to our partner family, as the official payment partner for the Australian Open and some of our AO Series tournaments, as well as the naming rights partner for the Mastercard Hopman Cup,” said Richard Heaselgrave, Tennis Australia commercial director.

"Establishing close relationships with some of the world’s best brands, such as Mastercard, is a vital part of our growth strategy, and one that will benefit all our fans, both in Australia and around the world."