Columbus-based payment services company TSYS Inc. has signed an agreement to process credit cards for French retail giant Carrefour in Brazil.
TSYS will process private-label cards as well as a new hybrid Mastercard for Sao Paulo-based Banco Carrefour S.A. The hybrid card will function as a private-label card at Carrefour stores but as a general-purpose credit card when used elsewhere.
“This is a true milestone for TSYS,” TSYS International President Gaylon Jowers Jr. said in a statement. “We are committed to the Brazilian market as it is forecast to grow and become the fourth largest by cards issued and the second largest by card transactions by 2011.”
The Carrefour Group is a large European mass retailer with 15,000 stores in 33 countries.
TSYS’s revenues were down 2.6 percent in the first quarter of 2009 compared to the same period in 2008. The company cited the slowing of the global economy that led to weaker cardholder transaction volumes.
Fluctuation in currency exchange rates also hurt the company to the tune of $22.6 million as TSYS continues to rapidly expand in overseas markets.
Visit www.tsys.com for more information.
