First Data Corp is to extend its reach in China with the formation a wholly owned subsidiary that will provide payment technology and services to a market that represents one of the world's largest economies.
First Data (China) will offer processing services to card issuing and merchant acquiring companies.
Henry Tsuei, president of First Data's card and merchant processing operations, North Asia says the company's payment services will help firm in China enhance competitiveness and increase profitability.
The company will establish an administrative office and data centre in Shanghai, which are scheduled to be fully operational in the first quarter of 2003.
First Data already provides money transfer services through its Western Union subsidiary to several financial firms in China. The Industrial & Commercial Bank of China and the Agricultural Bank of China recently chose to deploy its VisionPlus transaction processing software.