The Chinese national payment system was founded in 2002 as an association of banks of the People’s Republic of China at the initiative of the State Council and the National Bank of China. It developed rapidly and gradually, working closely with about 2000 financial institutions in various states. Today China UnionPay through its subsidiary company, UnionPay International, operates practically on all the continents of the world and more than 6 billion bankcards of the system are used in 177 countries.