Legal Regulation Of Innovative Third-party Payment

Payment is the most extensive and the underlying financial activities. Today’s China isalready at the forefront of the global wave of information technology, combined with therapid economic development of the information age the popularity of the Internet and mobileInternet spawned a new payment instrument-an innovative third-party payment. Thispayment is dependent on the PC and mobile phone side, it’s like stealth carry wallet, if youmove a finger, will be able to meet the needs of a variety of payment. Currently, the mostrepresentative of the third-party payment platform Alipay users has reached200millionpeople, showing more and more people are used to enjoy the convenience brought by thispayment method. However, there are always new things in the growth stage of risks andconstantly facing new risks. Innovative third-party payment and the existence of financialsecurity issues such as the lack of legal regulation of growing concern. This article is as astarting point, with reference to foreign legal systems desirable, not only to explore theinnovative third-party payment mechanism vaguely defined legal status, market access systemis imperfect, precipitation funds vested interest, customer information and financial securityissues, but also put forward relevant proposals and improve vision. This paper is divided intofour parts:The first part introduces the innovative third-party payment connotation and denotation.Secondly, it describes the industry. Describes the current situation as well as innovation ofinnovative third-party payment in the rapid development of our country. Then the meaningand the theoretical basis and practical basis for the payment of innovative third-party legalregulation to do a detailed narrative. Overall elaborate a bit more background and basis of thisstudy.The second part introduces our innovative third-party payment status quo does notsound legal regulation; paid for by a third-party development of innovative third-partypayment mainly positioning is not clear, the regulatory authorities are not perfect, and the lackof market access difficult market exit mechanism, there is a risk of these problems leads to thenecessity of innovative third-party clients to pay legal regulation provision formismanagement and user transactions. The third part introduces the United States, the European Union’s innovative third-partypayment of legal regulatory framework, they are adhering to improve market access system,provision for prudential regulation, consumer protection principles for innovative third-partypayment of legal regulation, and describes the revelation of their advanced experience ofinnovative third-party payment for legal regulation, such as reducing market access barriers,setting consumer risk funds.The fourth part, starting with the legislative model to improve the legislative level, theconcept of legal regulation and follow the department set up a framework for regulation ofinnovative third-party payment of legal regulation; secondly proposal in terms of the marketsystem to reduce third-party payment market access barriers, build market exit mechanism;again from the provision for income processing aspects of the provision for management tostrictly control the final should be constructed in order to protect the interests of consumers asthe core of security systems, such as the establishment of corporate information disclosure,personal information protection and online multi-of the dispute settlement mechanism.Innovative third-party payment was just ten years experience, it has become an integralpart of modern humans payment. It is precisely because it is gradually changing andreconstruct our lives, so the next, only to match it to the healthy development of rules andnorms. Now our legal regulation of innovative third-party payment is still in the exploratorystage, where the problems and risks as well as behind the supporting system highlights thelegal regulation of its necessity and urgency. Also, this is the writing of this paper where themeaning and purpose.