A Study On The Legal Problems Of China 's Electronic Payment Market After

In recent years, with the development of E-commerce and Internet Finance, theElectronic Payment has become an important method of payment. In this paper, thecase of China UnionPay vs. American VISA ruled by WTO in2012will be the mainline throughout the whole paper. It will analyze the embarrassment that China lost inthis lawsuit, introduce China’s lack of laws in electronic payment market and theneventually fell to China’s execution, namely the question of opening China’s clearingmarket and introducing free competition market mechanism.This paper analyzes the Chinese electronic payment case to reveal the legalnature in the dispute between UnionPay and VISA; keeps up with current events andtrends to analyze a series of measures Chinese government took after the WTO report;consults the relevant literature to understand the practices and experience in the wholeworld, especially in the United States and the European Union; analyzes the trends ofelectronic payment integration in the world to point out that China should open theelectronic payment market as soon as possible to create a free competitionenvironment; analyze China’s executive condition and executive environment after thecase and get back to the institutional improvement of opening electronic paymentmarket system.This article includes four parts. The first part is around the electronic paymentcase of China UnionPay vs. VISA. It will outline the dispute process; ask questionsand point out that China should open the electronic payments market to build a freeand competitive market environment after the case. The second part focuses on theimplementation of the case. It will cite China’s executive condition and point out thatit is absolutely nowhere to against Chinese protectionism only relies on the WTOpanel ruling. The third section describes the necessity to open the electronic paymentmarket and introduce the system of free competition for China. One angle is from theeconomic view and takes the macro-economic analysis between economic growth andelectronic payment. Another angle is analysis for the legal status of foreign electronic payments as well as opening electronic payment market trend of the world, includinggeographical expansion in American Baking Law and American Antitrust law as wellas the Single Euro Payment Area in EU. The last part outlines China’s currentlegislation of electronic payment, evaluates and analyzes for it. This part analyzesChina’s executive environment for the case and submit ideas for an opening electronicpayments market.