Research On The Problem Of The Suffocation Of The Deposited Funds In The Third-party Payment Virtual Account In China

With the development of internet,internet finance is emerging especially the third party payments which attract a great number of attention.Although third party payments bring us numerous convenience,it occurs a mass of problems in practice especially the deposited funds.On the one hand it relates to lateness of third party payments' appearance leading to backwardness of administration.On the other hand,because Chinese legislation does not exert a clear definition on deposited funds and legislation ranks low.On account of scale of e-commerce is enlarging quickly,third party payments as a very vital role in it also brings the deposited funds pool to a mass.And the problems are getting more and more serious.Nowadays common theory says that the legal relationship between the user and the third party payments is safekeeping contract relation and deposited funds should be regarded as third party payments to the user as liabilities.Its ownership belongs to users so the produced interest also owned by users.But the definition of third party payments on deposited funds legislates faintly.In addition to the 2010 regulations,which clearly identify the ownership of deposited funds belonging to users,announced by central bank.In the subsequent series of regulations did not mention the issue of the ownership of deposited funds.Due to the limitation of legislation,even today the opinion towards the nature of deposited funds and ownership of its interest still cannot reach an agreement.But the rapid development of third party payments have impacted greatly to our daily lives and in a certain extent replaced banks' role partly.If we do not exert a concrete definition on increasing deposited funds,it will do harm to the further development of third party payments even impact financial system.So far,towards the third party payments' deposited funds issue,mainly concentrated in the deposited funds issue and the ownership of interest derived by it precipitation.The solution of these problems not only depends on the perfection of the legislation,but also need to construct an effective supervision system.Currently China's deposited funds' supervision mainly by the central bank and the custodian bank,whereas there is a competitive relationship between the custodian and third party payments,and supervisors in the supervision process is not only referee but also athletes.Therefore,the current regulatory system is still flawed and it needs to be improved urgently.This paper is based on China's development status of deposited funds and through different legal angles which combined with the actual situation in China to analyze the ownership of deposited funds,referring to the system model of American FDIC's zero interest account.Strive to achieve the unity of theory and practice on legal attributes of deposited funds and its interest,in order to guarantee the third party payments' further development and enhance the safety of platforms' funds.