The Third Party Payment Of E-Finance And Its Legal Normalization

Accompanying with electronic commerce, electronic payment occurs. At the same time, electronic payment has become a major bottleneck to the development of e-commerce. The third-party payment mode provides the initial solutions for the difficult problem of trust and security in e-commerce, which will push China's e-commerce that has been depressed for years to a new climax.The third-party payment is a kind of payment mode in which an independent non-bank institution with a certain strength and credibility, integrating payment and settlement systems interface or choosing other services channel, provides the transaction parties for the services of currency payment, financial clearance and transaction supervision. The third-party payment industry is flourishing. However, it is facing huge crisis hidden behind great opportunities, such as policy risk, technical risk, credit risk, regulatory risk and operational risk, which constitute a normative legal environment for it.Among all sorts of risk, policy illegibility, law authenticity and lack of regulation are the main supreme risk. Law about third-party payment is almost blank. The traditional legal concepts and judicial practices can't find their place in the field of third-party payment. Recognition of the legal status of the third-party is the primary issue. Although the third-party has the distinct financial attributes, it is different with the bank and traditional financial institutions. The third-party should be defined to be a nonbank financial institution of webs. Therefore, it should be subjected to the financial regulatory system.The third-party payment mode integrates information technology and financial technology, reconstructs traditional legal order, and establishes a complex legal system. The information technology characteristic of third-party payment determines that the principle of fault presumption and limitation of liability should be adopted. Meanwhile, the third-party payment mode has its own features in some genetic legal issues such as consumer protection, illegal trade control and deposition fund supervision. Financial characteristic makes the third-party payment influencing traditional financial market. Virtual currency has an impact on actual financial system. Financial risk has its own specialty. There are still no real solutions about financial regulation system.How to build the third-party payment law system is confronted with a start from scratch and requires constructive thinking. A third-party payment law system framework is wanted basically. Furthermore, legal control is needed in the infrastructure sectors and core areas. In this way, it is expected to make legislation in electronic finance field better and better, facilitate the coming up of "payment and settlement procedures" and further accelerate financial regulation system of third-party payment, finally realize a healthy long-term development of third-party payment.