China UnionPay Inks Citibank Debit Card Agreement

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TSYS' joint venture with China UnionPay has signed a debit card processing agreement with Citibank in 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."

Terms of the multi-year agreement have unfortunately not yet been released.

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. Citi will also be the first foreign bank in China to offer mobile phone-based services to debit cardholders.


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