The Online Third Party Payment Regulation Of Legal Research

As the rapid development of information technology, people's life style is changing gradually. The electronic commerce has brought about a great impact on the traditional trade, and the online shopping has developed rapidly because of its convenience and lower price. At the same time, online payment has also developed, in which the online third party payment is the most typical. The online third party payment, as a new type of payment, can bring about a series of legal risks, as well as resolving some security and credit problems of online payment, such as the ambiguous nature of the payment institutions and the sedimentary money, the confused legal relationships between the parties, and the absence of consumer protection rules and crime control regimes. These risks will destroy the financial system, so the third party payment should be regulated.Many countries have taken measures to deal with the risks of the third party payment. The measures of USA and EU are the most typical among them. The USA adopts the functional regulation, which focuses on specific kinds of services, rather than the third party payment institutions. The third party payment service is thought as one kind of payment service, and regulated by the existing legal system. The EU, however, tries to establish a uniform regulate system, in which the third party payment institution is thought as a new kind of institution called Electronic Money Institution. Despite the differences, the legislations of the USA and the EU are convergent, especially in the aspects of admission administration, regulation of the sedimentary money, consumer protection and crime control.However, in our country, the legislation on the third party payment is hysteretic. There was no relevant legislation ten years after the third party payment turned up. In 2010, the People's Bank of China published Measures on Regulation of Payment Services of Non-financial Institution, which is the first legislation aimed at the third party payment. These measures define the nature of the third party payment institution, establish the entry criteria and the consumer protection rules, reinforce the management of the sedimentary money, and require to crack down on crimes. However, there are still some disadvantages in the legislation. For example, there are no rules concerning the use of the sedimentary money and the method of income distribution. There are no rules about how to find out who is to blame if the money is paid mistakenly. There is no penal clause in consumer protection. And the rules on crime control are too narrow. As a result, we should learn from foreign countries to refine our regulation system.In this paper, firstly, I will introduce the online third party payment, especially the legal risks brought about by the online third party payment. Secondly. I will analyze the legal nature of the third party payment institution and the sedimentary money, as well as the legal relationships in the online third party payment. Thirdly, I will introduce the regulations on the online third party payment in the USA and EU. Lastly, I will introduce the relevant legislation in our country and the disadvantages of it, and then make some suggestions to refine it.