Allocation Of Risk For Unauthorized Payment In Third Party Payment Transactions

With the rapid development of the third-party payment, many problems have risen, getting more and more concerns. However, the academic quest of third-party payment, especially in the research of responsibility of third-party payment institutions in the unauthorized transaction, falls behind our country’s social practice. In view of the above-mentioned fact, the research aims to study the related legal relations and responsibilities of third-party payment in unauthorized transaction theory analysis and examples, to find out what needs to change in the responsibility system through empirical research and to make a comprehensive and systematical analysis of main legal problems. It helps to enrich the legal research of Chinese third-party payment and to promote the practice of Chinese third-party payment.When it comes to research methods, different research methods are involved in this paper, including comparative study, normative research, problem oriented and empirical research. Particularly, with emphasis on judicial practice, the research seeks for results of practical issues resolved properly, the legal regulation of financial innovation is encouraged and legal environment of the third-party payment are established, instead of existing blunt legal concepts and theories being applied mechanically to the rapid emerging industry.The paper is divided into four chapters, main contents of each chapter are as follows:As the theoretical basis of this paper, the first chapter introduces the basic theory of the third-party payment and unauthorized transaction. Starting from researching on the basic legal relationship of the third-party payment and the comparison of the unauthorized transaction and wrong payment respectively, the paper has a deep learning of concepts and characteristics of the third-party payment, different types of third party-payment institution account and international law of third-party payment. Comparative analysis of unauthorized transactions and wrong payments are included, too. In addition, this chapter also analyzes different legal relationships between the third-party payment institution and the customer, the third-party payment institution and the bank, third-party payment institution and the clearing house, which also will be systemized.The second chapter makes a further analysis of the responsibility of the third-party payment institution in unauthorized transactions. In the case of Alipay, according to different situations of unauthorized transactions which Alipay is faced with, this chapter aims to find out main problems which need to change in the "Alipay Service Agreement" and "Alipay Certification Service Agreement". Additionally, through empirical analysis of typical cases relating to unauthorized transactions, the chapter concludes some difference in unauthorized transaction disputes in practical judicial adjudication.The third chapter carries out the present supervision situation of the third-party payment. Then the rule of security procedure is introduced, including concepts and legal theories, which lays the foundation for the application of the security procedure rule. For the regulatory issue of third-party payment, a detailed discussion of different regulatory dimensions and several important legal points relating to the third-party payment is made, combing the regulatory framework of Chinese third-party payment regulation system. In the introduction of the Security Procedure Rule, it is necessary to clarify the concept and legal basis of the Security Procedure Rule in the legal system of the United States.On the basis of above chapters, the fourth chapter proposes the improvement path of the responsibility mechanism of third-party payment institutions in unauthorized transactions, thinking from dimensions of value and judicial practice. The opinion is proposed that different values and multiple choices should be respected in the legislation. Besides, the standard shall be set and the bottom line of safety shall be held in the third-party payment which is based on the principle of technology neutrality. The chapter also quotes that basic legal relationships and key legal issues of third-party payment should be cleared comprehensively. After the empirical analysis of judicial practice, the security procedure rule should be made good use and be applied to practical cases.In the conclusion part, how to solve the problem of responsibility of the third-party payment institution in the unauthorized transaction is summarized and the prospect is made.Overall, the introduction part quotes the background and literature review. The first chapter is the starting point of this paper and the theoretical basis of following analysis. The second chapter is the further analysis of specific situations and existing problems. The third chapter is the grasp of the regulatory status and future direction. The last chapter, as the summary of the full paper, concludes the development path for third-party payment institutions undertaking responsibilities in unauthorized transactions, and proposes some suggestions not only in legislation but also in judicature.