TSYS' partner in China signs deal with Citi

Credit-card processor TSYS said Tuesday its joint-venture partner, China UnionPay Data Services, has signed a debit card processing agreement with Citibank (China) Co. Ltd.

Terms of the multiyear agreement were not disclosed.

Columbus-based TSYS owns 44.5 percent of China UnionPay (CUP) Data. Its parent firm, China UnionPay, is the only payment network approved by the People's Bank of China, that nation's central bank.

Citibank China launched its first CUP debit card in late July. It can be used in China and at ATMs in more than 30 countries.

Citi's bankcard is viewed as a status symbol by Chinese consumers, TSYS said.

CUP Data, launched in 2003, processes debit and credit cards for more than 50 banks.