unionpay point of sales network.s the country's largest payment and clearing network. you live in shanghai. you use unionpay. >> it is kind of like a visa or mastercard. if you buy something with your card, you might use unionpay. it is really the big player out there. it is a good deal for apple, but i am not convinced apple pay is going to get a lot of traction in china. wechat pay is dominating. you take your phone and you just swipe it. it is extremely convenient. i am not sure why consumers would not want to use what is already in existence, which is probably technologically far more superior to apple pay or square from jack dorsey. emily: there are reports that apple pay may be launching in china by february. these are areas that are tightly regulated by the government. how much do you think apple pay will run into regulatory hurdles? >> it is smart for them to tie up with unionpay. unionpay gets a lot of support from the chinese government. the much bigger problem, frankly, is the strength of wechat pay. in th