Legal Regulation Of Third Party Electronic Payment

Third-party electronic payment is a clearance service provided by a third party, which is a non-bank institution. It finds an initial solution for electronic payment trust and safety, which pushes the electronic commerce to a new climax. Comparing to the payment industry in full swing, the legislation of electronic payment in China lags behind which mainly centers on bank card and online banking. The legislations in terms of third-party electronic payment are incomplete, which face tremendous legal risks. To optimize the legal environment of electronic payment, lead and regulate its development, accelerate the financial ecology construction in the information era, the legal studies for third-party electronic payment should be strengthened.The first chapter of this paper firstly introduces the situation of third-party payment, including its definition, mode and main content. Afterwards, it analyzes its features and functions to finally introduce the legislation situation both at home and throughout the world at large. At present, backwardness of legislation is pervasive in all of the sectors. However, based on the historical experience of electronic payment industry in developed counties, consumer rights protection and government financial supervision are two main difficult problems which need to be solved, which are also directly related to the health and rapid development of this industry. Therefore, both the second and third chapter will carry out discussion on these two difficult problems which also raise aimed suggestions based on existing problems. What’s more, in terms of consumer rights protection, this paper focuses on error handling, responsibility assignment, extended defense right and personal information protection. Furthermore, in terms of financial supervision, this paper firstly elaborates the features and principles and then analyze the existing problems from the perspective of market access, deposit regulation, anti-money laundering and puts forward the corresponding legislative proposals.Payments and settlement system is the core of financial infrastructure, and third-party payment is the new product of the information era, which is outside the bank payment system. Its payment and clearing services and operating status should be confirmed and regulated by law, which is also an important sector to perfect the financial infrastructure. This paper can provide theoretical support for the financial infrastructure based on above statement and analysis. Besides, new characteristics of internet finance have made huge impacts on traditional financial legal system. As a result, additions and amendments on traditional financial legislation will become inevitable trends of the information era. This paper takes third-party payment into online finance, which can provide simple suggestion for network finance.