Tsys today announced that China UnionPay Data Services Co., Ltd. (CUP Data), Tsys' joint venture with China UnionPay (CUP), has renewed its credit card processing contract with China Minsheng Bank.
China Minsheng Bank is China's first nationwide commercial bank to be owned by mostly non-government entities and the first commercial bank that has grown its international operations through acquisitions. It is one of the four largest joint-stock credit card issuers as well as one of the few issuers that have turned their credit card business profitable in China. China Minsheng Bank began issuing credit cards in China in May 2005, and its credit card business has grown into a portfolio of 8 million cards today. Several measurements of Minsheng's credit card offerings indicate they are among the best in China.
"We are proud to be part of the success China Minsheng Bank has achieved the past few years," said Yan Fang Wang, president of CUP Data. "We are committed to continuously supporting their success with our innovative and reliable solutions."
"The credit card offerings of China Minsheng Bank are among the most popular selections in the Chinese market," said Gaylon Jowers, president of TSYS International. "We still see a tremendous opportunity for growth with CUP Data and are extremely pleased with the contract renewal."
Terms of the multi-year extension were not released.