Founded in March 2002, China UnionPay is a state-owned financial services corporation headquartered in Shanghai, China. Established with the approval of the People's Bank of China, it operates the national interbank clearing and settlement system and serves as the primary bank card organization in Mainland China. Since its inception, UnionPay has expanded into a global payment network, becoming one of the largest card payment organizations in the world by the number of cards issued. Its mission is to provide secure, efficient, and globally accepted payment services to cardholders, member institutions, and merchants.