The Research On The Application Of Virtual Account Pattern In On-line Payment

On the background of asymmetrical information between seller and buyer, use of virtual account facilitates the development of e-commerce.55% of the internet trade are dealt by virtual account, such as Zhi Fu Bao and 99bill. Internet trade has covered every corner of civilian business, and its future is brilliant. The reason why people are paying more and more concern about e-commerce is that advantages of the low cost and convenience resulted from new ideas and new business modes caused by internet and advanced computer technology. Those advantages will make revolution to traditional business.The paper focuses on every details of trade on the basis of former research and virtual account's use in real life. Virtual account is the application of account and auditing, then nature of virtual account, influence of virtual currency on currency supply, financial risk and legal risk are discussed.First, application of virtual account is introduced in summary. And in the second part, the author defined virtual account on the basis of the former definitions. Because of unique settings of virtual account, characteristics of credit guaranty, efficiency and low cost, virtual account develops very fast in recent decade.Virtual account is like bank account, hence virtual account and bank account can be compared. And characteristics, related risk and legal problems of virtual account's process can be researched by the analysis of creation of account, subject, subject's characteristics, supervisor of account and related accounting treatment.In the fourth part, the author tries to figure out the influence of virtual account on currency supply. In order to find out "who supervises who", the relation among national bank account, merchant bank account and virtual account is researched. Number in virtual account is the transform of traditional currency, which is defined "electronic currency". Influence of virtual currency on currency supply, figured out by model of electronic currency, is also one aspect of the research. Main problems of virtual account are:whether to use funds in transit and how, and precaution of credit card cash out. Those problems are related to the management system of third-party payment agency, then auditing method is incorporated in the paper to help build the management system. And risk-oriented auditing is the core idea of modern auditing. Because of rapid change of high technology, policy and economy, then competition among enterprises becomes tougher, and operating risk rises, so the safety of funds in transit and precaution of credit card cash out are analyzed on account of enterprise environment, its operation risk and internal control, and every possible risks that third-party payment agency faces. The author did empirical research of Tao Bao, and built a model to forecast amount of money. The author tries to encourage people to use funds in transit to invest low-risk financial product on the basis of risk control of third-party payment agency and guarantee money, to improve the efficiency of funds in transit.Lag of policy amendment is also one of the problems which impede development of payment. Vagueness of the service and position of payment institution are disputed theoretically. Although qualification of subject is ascertained when "Payment Method of the None-financial Organization" is put in law, which still needs amendment. Virtual account is like Escrow in nature, hence, system of the law can be built on the basis of Escrow. Still we should learn the good side of Escrow, not copy everything. For example, funds in transit could be used, which is banned by the law of Escrow.