Tsys today announced that China UnionPay Data Services Co., Ltd. ("CUP Data"), Tsys' joint venture with China UnionPay ("CUP"), has signed a debit card processing agreement with Citibank (China) Co., Ltd. ("Citi China").
"Signing this agreement with Citi China is another example of how we continue to develop and strengthen our payment processing expertise," said Mr. Chai Hong Feng, chief executive officer of CUP Data. "We are excited to support Citi China in offering its customers a convenient and reliable debit card product."
"CUP Data continues to prove itself as the preferred payment solutions provider not only for domestic banks, but also for prominent global players like Citibank," said David Duncan, Group Executive of TSYS Asia Pacific. "By gaining the business of one of the first foreign banks approved to issue RMB bankcards to Chinese consumers, CUP Data reaffirms its status as the premier choice for outsourced processing."
Citi China launched its first CUP-standard debit card on July 30, 2008. The card can be not only used at all China UnionPay terminals, but also on Citibank ATMs in more than 30 countries. Furthermore, Citi will be the first foreign bank in China to offer mobile phone-based services to debit cardholders. With a presence in China since the early 1990s, Citi's bankcard is seen as a status symbol by Chinese consumers.
Terms of the multi-year agreement were not released.