China UnionPay Data Services Co. Ltd., a joint venture of Total System Services Inc. and the payment network China UnionPay, has agreed to process credit card transactions for China Postal Savings Bank.
TSYS announced the processing contract Monday.
China Postal Savings is the country's fifth largest lender, with more than $200 billion of assets and more than 36,000 branches, in every Chinese city.
Cyle Mims, a TSYS spokesman, said the lender's credit card program is relatively new. China Postal Savings has issued more than 100 million debit cards, which are not included in the contract, Mr. Mims said.
David Duncan, the group executive of TSYS Asia Pacific, said in a press release that the Columbus, Ga., processor has "great expectations for substantial growth in China Postal Savings Bank's credit card program."
