Research On Legal Regulations Of The Online Third-party Payment Platform

In recent years, with the rapid development of network applications, online payment has gradually penetrated into online shopping, travel reservations, life payment and other fields. Online third-party payment has become an important network application in Chinese netizens'daily life, the rising penetration rate has formed a good social effect, and thereby promoted the rise of the overall market transactions scale. At present, China has already surpassed the U.S. and become the world's largest third-party payment market. Due to the uncertainty of policies and the law, our third-party payment industry has been skating on thin ice, trying to find their way. However, with the announcement of"Administrative Measures for non-financial payment institutions"by the Central Bank in June, 2010 and the implementation of"detailed implementation rules for non-financial institution payment service management practices " in December, the third-party payment market has been experiencing an unprecedented reshuffle, it is undoubtedly a huge revolution for the third-party payment market. Will it be turn away or still struggling to a broader market, all this will be subject to the test of the market.With the development of the third-party payment market, relevant legal issues will be more exposed, therefore, corresponding laws and regulations should also be followed closely, relevant laws and regulations should be improved while encouraging innovation at the same time so as to establish a sound social environment for the promotion of the third-party payment market.This paper introduces the concept of third-party payment platform, operating model and its main strengths and weaknesses, sorts out relevant domestic laws and regulations and brings forward major legal issues existed in them. Combined with the status in the new period of our country, this paper proposes to improve the legislation. Besides the introduction and conclusion, the main body is divided into three chapters:Chapter I: Overview of online third-party payment platform. This chapter introduces concepts related to the third-party online payment platform and its main operation mode, and the main strengths and weaknesses of third-party payment platform.Chapter II: Relevant legal provisions and main problems. This chapter reviews relevant domestic legal provisions related to online third-party payment platform, focuses on the analysis of relevant provisions of several important laws, and also raise some legal issues, such as the presence of precipitation funds, consumer protection, money laundering, legal liability issues.Chapter III: Improvement of online third-party payment platform legislation. This chapter mainly provides proposals for the improvement of our online third-party payment platform legislation, including applicable principles which should be followed, and some concrete suggestions for those legal issues mentioned in the second chapter.