On The Construction Of Legal Supervision System On The Third-party Payment

Over the past decade, with the considerable advancement of the computer and Internet technology, electronic commerce like shopping online has gradually integrated with our daily life, payment system was also undergoing transform. As the electronic commerce is different from the traditional trade form, the third-party payment sets itself as an intermediary between the buyer and the seller. Electronic commerce creates models of payment gateway and electronic platform security, which guarantees the trading can be done safely and efficiently by setting trading link.The third-party payment provides channels of financial payment and account for consumers, which reflects financial innovation. But we should also pay attention to all kinds of risks so that the third-party payment could develop on a legal track. The third-party payment mainly faces following obstacles in the financial market: Firstly, which kind of legal nature does the third-party payment belong to? Because its nature determines what measures could be used to regulate it. Central Bank treats the third-party payment as non-financial institutes, but the opinion is questioned everywhere. Secondly, financial issues is hard to be tackled, in addition to alipay, as a matter of fact many other third-party payments control depositing funds in a period. Depositing fund is kept by the third-party payment and its proceeds should also belong to consumers. But the way to deal with the funds is not clear in practice. Whether funds could be used by the third-party payment is not clear. Thirdly, the third-party payment platform has become a tool for money laundering or tax evasion. Professors are exploring measures to regulate this kind of phenomenon.Part I introduces the knowledge of the third-party payment, including three models of the third-party payment, its features and trading links, as well as the legal relationships among the main subjects. Through an analysis of its connotation, the research object of this paper refers to the Internet third-party payment. There are three models including paid gateway model, credit intermediary model and mobile paid model. By analyzing the differences among the three models’ features and process, we can understand the relationships involved in the paid process clearly, which aims to lay the foundation for the following essay.Part II discusses developing the status of the third-party payment in terms of its scale and development trend. The third-party payment will play a pivotal role in China’s financial market. Then I study the existing legislation, regulatory institutions and regulatory bodies of the third-party payment, pointing out that inadequacy of existing regulatory system lies in the lack of targeted regulation, rough market access mechanism, inadequate consumer protection mechanisms, the narrow financial crime regulations and so on. These problems will inspire me to make the following recommendations.Part III focuses on regulatory regime for the third-party payment of the United States, the European Union and other Asian countries, explaining regulation model,regulatory principles, market access, regulation of deposition of funds and protections for consumers in foreign countries, which aims to explore rules adjusting to Chinese condition. Summarizing the advanced experience of foreign countries and combining the reality of our country, I find some suitable experience for the construction of China’s regulatory systemPart IV suggests the way to construct our country’s regulatory laws of the third-party payment. Payment institution should firstly strengthen self-regulation construction, perfect internal credit systems and monitoring system. Meanwhile, legislature should pass the law which clearly explains the legal nature of the third-party payment, strengthen regulating deposition of funds and build up legal supervision system of the third-party payment with Central Bank as the core and the CBRC, Tax Bureau and MIIT playing supporting roles.