On The Government 's Supervision Over The Third Party Payment Agency

In recent years, along with the continuously improvement of electronic payment system, and the popularization of E-business, the electronic payment methods that provide from the traditional banking industry are unable to meet the E-business’s flexible and efficient needs. The third party payments emerge as the times require. Since2003, the third party payment institution grows quickly, now there are more than300institutions established. In the area of E-business payment, the market share of third party payment increasing year after year, same as in social retail goods. The market scale of the third party payment is reached100billion.With the rapid development of third party payment, it’s unclear identity has become a big problem. These institutions engaged in the collection, payment, settlement, guarantee, virtual accounts and other financial services function, but it has been excluded from the financial supervision system. The ownership of the profit that comes from the large amounts of settling funds, credit card false trading risk, money laundering risk, information security and network system security, legal compliance and so a series of problems are eager to be solved.The advocate of set up a policy and regulatory environment is high, and the third party payment institution did not get the benefits from the "relaxed environment" too. Because of the ambiguous legal status, though the third party payment industry invest highly in R&D, is be worthy of the name " high-tech " industry, it still unable to enjoy the preferential policies. China’s major third party payment institutions such as Alipay has also been urged relevant departments to make more clear regulations, in order to obtain nationally recognized legal status.By much effort, a series of third party payment regulatory policy were set up in recent year. Such as 《Administrative Measures for non-financial institutions to pay for the service》,《The implementation details of Administrative Measures for non-financial institutions to pay for the service》,《Administrative Measures for payment institution about online payment(Draft for Soliciting Opinions)》. At the same time, regulators began to issue the "Pay business license" to the third party payment institutions who meet the conditions."Payment&Clearing Association of China" also be established. These new policy’s launching, means the third party payment industry formally entered the "era of regulation", the third party payment has become another regulated financial institutions after the banking, insurance, securities, trust, financial leasing. But in our country, the third party payment supervision still have several problems, how to use the functions of the government reasonably, how to put more powers in cultivating the market when managing it, and to use the legal and market means to rule the third party payment market, minimize the changes of plans and policies, so as to gradually establish a governmental supervision, self-discipline, half-in-half regulatory system.