Study On The Legal Supervision Of The Third-party Payment

Electronic commerce has been playing an important role in national economic and social development of information technology, and moreover, the security and efficiency of the mode of payment is the most important key of the development of electronic commerce. Since the emergence and development of third-party payment, the more successful models with innovative e-commerce solution to the long-troubled development of its cash flow problems. Follow the footsteps of the rapid development of world’s e-commerce, the third-party payment is also growing at a rapid momentum of its business scope and areas of activity continues to extend and expand.The third-party payment industry associated with the development of electronic commerce has developed rapidly in recent years. Besides, third-party payment industry is closely related to people’ lives, its development process has direct bearing on the vital interests of every users. In the past decade, China’s third-party payment, showing the trend of sustained and rapid development, has been expanding becoming increasingly close to the economic and financial activities, which reflects its growing importance in China’s payment system. However, due to the slower development of electronic commerce lately, there are some problems which third-party payment itself can not be ignored in the process of its emergence and development. The development of China’s third-party payment is relatively late than in Europe and America and other developed countries, but its momentum is still very fast. However, the rapid development third-party payment has a series of problems in reality, and the countries in the legislation of this area have a certain lag.In 2010, the People’s Bank of China promulgated the "Non-financial Institution Payment Service Management Measure" and the related enforcement regulations, take the first step in specialized third-party payment legislation. Management measure and its enforcement regulations establishing the market access conditions for the third-party payment institutions, strengthening the management of customer funds, improving the protection of consumer rights, and imposing the anti-money laundering duties to the third-party payment institutions. However, compared with the third-party payments relevant legislations of the foreign countries, ours still have some shortcomings. From the international point of view, due to the early development of related industries in the United States, European Union, Singapore, Hong Kong and other countries regions, its corresponding legal regulation way is much better. There are lots of methods about supervision and management to provide new ideas and approaches which can construct relevant laws and regulation in China.After a review of the third-party payment emergency and development, comprehensive introduction of all kinds of business models and risks points,and analyzes the supervision philosophy of effective supervision, and analyzes the supervisory strength, focus and objectives. This paper initially builds the basic principles, overall framework and basic mechanism of effective supervision on China’s third-party payment.