Research On Legal Regulation Of The Internet Third-party Payment

Nowadays as the Internet gets highly popularized, Global Electronic Commerce is developing rapidly and the Internet Third-party Payment emerged as the time required. As a middle session of the entire Internet payment, the Internet Third-party Payment links Information flow, capital flow and plays an important role in the development of electronic commerce which is based on the Internet. Recent years after the emergence of online banking, Third-party Payment provide us with a more reliable way to pay online and solves the problem of trust between the two party of transaction:The seller don’t have to worry about not receiving the payment after delivery;the Buyer also don’t need to be afraid to pay without receiving goods. The Internet third-party Payment coordinates the bilateral party of transaction and develops a highly effective and cost-efficient paying way and brings fresh payment experience to customers.But as a newly emerging thing, it’s not perfect and lacks regulation, thus calls for strengthen of legal regulation as to guarantee transaction security and social stability.After experiencing a rapid development of no legal regulation, China’s third-party payment industry starts being formally incorporated into China’s financial supervision system with the issue of "Non-financial Institutions Payment Services Management Approach" and the detailed rules for the implementation in2010.But the legislation on Third-party Payment is still very immature and incomplete in our country due to various factors, and there are enormous problems as low legislative level, strict restriction on the access to the market, incomplete provisions management, lack of illegal trade monitoring and so on. These problems seriously restrict the further development of e-commerce in China and bring hiden peril to the Internet trading activities at the same time. Drawing lessons from foreign mature legislation regulation and practice experience. Combining with the practical situation in china, I intend to promote the legal regulation of Internet Third-party Payment from following several aspects:First, we should improve the legal status of regulatory legislation and strengthen legal effects;Second, establish a model for cooperative classification regulation and supervision to form a solid legal supervision of the third-party payment of internet; Third, lower the threshold of industry entry appropriately on the basis of current market access mechanism, reduce the registration capital for Internet third-party payment institutions and lower capital adequacy requirements for playing a competitive and innovative market, and to establish the market-exit mechanism; Fourth, improve management of customer provisions. Interests derived from customers provisions when staying in the third party payment platform are clear owe to customers,without distribution requirements for payment institution. Make purchases of commercial insurance using the remaining part of interest except for the10%provision of risk. It’s forbidden to use customers’provisions simply since it will cause idle funds. We can allow the third-party payment institution use this part of funds conditionally and make investments in low risky but high mobile fields, and establish the real-time monitoring system of customer provisions;Fifth, build a system for report of significant items and further enhance the People’s Bank regulation on third-party payment institutions;Sixth, build an internal control system and self-assess system of third-party payment as soon as possible. Establish special department to control internal authorized business and cancel the authorization of credit card overdraft to third-party payment account recharge to prevent problems which could endanger the safety of funds such as credit card cash in. Establish the self-evaluation system of third-party payment institutions and submit assessment report to the People’s Bank regularly.