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.
About CUP Data
China UnionPay Data Services Co., Ltd. (CUP Data) is China’s largest
third-party processor of bankcard payments providing transaction
processing, disaster recovery and other services for issuing banks in
China. CUP Data was established in 2003, and has signed more than 60
credit-, debit- and prepaid-processing client banks at year-end 2008.
TSYS owns a 44.5-percent equity stake in CUP Data, a subsidiary of China
UnionPay (CUP). CUP is the only payments network sanctioned by the
People’s Bank of China, China’s central bank, and has become one of the
world’s largest and fastest-growing payments networks.
CUP Data received certification with the Payment Card Industry Data
Security Standard (PCI DSS) in 2009.
About TSYS
TSYS (NYSE: TSS) is one of the world’s largest companies for outsourced
payment services, offering a broad range of issuer- and
acquirer-processing technologies that support consumer-finance, credit,
debit, debt management, healthcare, loyalty and prepaid services for
financial institutions and retail companies in the Americas, EMEA and
Asia-Pacific regions. For more information contact news@tsys.com
or log on to www.tsys.com.
TSYS routinely posts all important information on its website.
