Research On Third-party Mobile Payments Enterprise Risk-control

Mobile payment emerged in America in1990s, got a wide applications in Japan andSouth Korea. It has been ten years since mobile payment appeared in China. In recentyears, with the widely use of mobile phone and the diversity of the payment method,mobile payment come to life for a second time with more vitality, it soon become apopular method of payment. The market share of mobile payment has been running in anascending channel. Now in China, we have China Mobile, Union Mobile Pay,China Union,China Union-pay, China Taobao operating the mobile payment service.Mobile payment has high user coverage, high portability and low cost natures. Thereare four working models, financial institutions dominant model, operators dominant model,the third-party dominant model and cooperation model. Mobile phone can be used as paychannels or payment account during the payment procedure. In the channel model, the cellphone is just an information transmission medium, while in the account mode, the cellphone participates in the capital transfer process as a mobile account. Considering thewidely debate on the account model, it will be the key point of this paper.In this paper, based on the introduction of development，operating mode and characterof the third-party mobile payment，we analyze the inevitability of the existence ofthird-party payment by relevant economic theory and confirm the results by simulations；use the principal-agent model to try to address the issue of the optimal incentive contractbetween the customers and the third-party mobile payment．From the process of thethird-party mobile payment, we mostly study its risk problem in application，which mainlyincludes legal，financial，market，credit and economical, operational aspects，especiallythe serious legal risk and financial risk．To prevent the above risk the main bodies of thethird-party mobile payment，including supervising bodies，payment enterprise，customersand bank, must be examined．Supervisors should encourage and support the third partymobile payment industry on the one hand and on the other hand should formulate the corresponding measures for supervision．In the supervision，regulations and policies shouldbe set up to improve market access and exit mechanisms，to determine the legalrelationship between the customers and the third-party mobile payment enterprise，to fostera favorable social credit environment．First，the third-party mobile payment enterprise mustimprove its own competitiveness and market-viscosity all aspects；second，must set up acredit system，enhance its own credibility, perfect the authentication mechanism andstrengthen the prevention of cheat， liquidity and money laundering； finally, muststrengthen the training of internal-staff and security of the hardware and softwareoperating-system．The bank should strictly check the quality and specific information ofthe third-party mobile payment enterprises and ensure to cooperate with the high qualityone，while doing a good job at building their own security．The customers should rationallychoose the payment-merchants and enhance their security awareness．The above waysshould be mutually compatible and used together in order to promote the healthy andsteady development of the third-party mobile payment．...