IMGCAP(1)]
Total Systems Services Inc., a United States-based processor more commonly known as TSYS, said Monday its joint venture in China has signed a credit card-processing deal with China Postal Savings Bank, which recently launched a credit card program. TSYS operates the joint venture, China UnionPay Data Services Co. Ltd., with China-based card network China UnionPay. The bank also issues 100 million debit cards, a TSYS spokesperson tells CardLine Global. The deal is a "multiyear agreement," the spokesperson says, declining to give more details. The Chinese joint venture, established in 2003, already had processing contracts with such financial institutions as Industrial Bank Co., China Minsheng Bank and Hua Xia Bank, the spokesperson says.
