Research On The Legal Issue Of The Risk Supervision Of Third-party Payment Platform

As deepening financial reform has promoted the rise of internet finance,the third-party payment sector is coming into an explosive development period.According to Alipay's average spending list released in January,2017,among the 450 million users registered with real names on its platform in 2016,the after-80 s generation's average online payment amounted over 120,000 RMB.Not only with an astonishing number of users,the third-party payment also covering a list of demands for daily life,including the payment of utilities,making appointments in hospital,renewing the visa,and purchasing subway tickets.It has involved customers,merchants,banks,self-regulatory organizations and government regulators.As a non face-to-face trading platform,the third-party payment's major feature is digitalization,which may cause a number of risks due to the lack of current information technology,government policies,and legal reasons.If those risks are left in baskets,it means we put customer's rights and interests,even China's economic growth in a danger palace.That's why in 2010,China's Central Bank has released Administrative Measures for the Payment Services Provided by Non-Financial Institutions and Detailed Rules in order to safeguard financial stability,promote economic growth,and protect customer's rights and interests.This milestone means the third-party payment platform has beganto step towards to institutionalization and standardization.This paper is mainly concentrated on the legal issue of the risk supervision of third-party payment platform,which adopted an empirical and comparative study.On the basis of explaining the concept and summarizing the types of risks on the third-party payment platform,it analyzed the existing problems of its risk supervision.It has also learned from overseas advanced supervision experiences and put forth an advice for improving domestic supervision,which hopes that it can control the risks effectively and drive the third-party payment and financial sectors to a steady development.This paper can be divided into four parts.The first part states the concept and risk of the third-party payment platform.Firstly,the third party payment platform is defined as the non-bank financial institution which offer transfer payment and fund settlement services by theachievement of docking communication technologies and financial institutions.Furthermore,the third party payment platform is independent of two transactions sides and banks.On the basis of this definition,this part firstly expounds the characteristics of the third party payment platform as well as the nature of bank which is the implicit “shadow” of the third party payment platform.Secondly,this part clarifies a series of legal relations caused by the third party payment platform in operation.Eventually,starting from the third party payment platform in operation,this part analyzes the internal risks and external risks of the third party payment platform,which lays the foundation for the following analysis risk-based regulation.Thesecond part introduces the situation and existing legal problems of risk-based regulation of China in terms of the third party payment platform.Above all,this part analyzes relevant legislative situation and supervision model of risk-based regulation of China in terms of the third party payment platform.Then,this part summarizes a series of problems in risk-based regulation of China in terms of the third party payment platform based the above-mentioned.The third part takes America and EU as an example to study the legal regulations and supervision model,providing references for the suggestions for perfecting risk-based regulation of the third party payment platform in China in the next part.Onthebasisofabove,combine withtherealityofourcountry,the fourth part puts forward suggestions for improving the risk-based regulation of the third party payment platform in China,includinglegalhierarchy,the regulation system,access system,financial risk supervision andthe protection of consumer's rights and interests.