As the Bankcard Association in China, headquartered in Shanghai, China UnionPay operates the national inter-bank clearing and settlement system. China UnionPay recently formed a subsidiary called "Tao Payments.", to develop the worldwide UnionPay Card acceptance network, promotes the issuance and usage of the UnionPay Card as well as other innovative payment solutions, so as to provide quality, efficient and safe payment services to cardholders. To date, the total number of the UnionPay Card issued both in China and abroad has exceeded 5 billion. The UnionPay network has been extended to all the cities and rural areas in China. In addition, China UnionPay has enabled the UnionPay Card acceptance over 160 countries and regions through extensive cooperation with about 400 financial institutions around the world. Merchants enjoy several benefits and sales opportunities in participating with UnionPay Card Payment Acceptance at their business locations.