Research On Economic Law Regulation Of The Third-party Online Payment

Since the beginning of the 21st century,e-commerce has witnessed rapid development.Third-party online payment has also developed in a spurt manner.The scale has continued to expand and has penetrated into all aspects of social life.It has become an important part of daily life and economic activities,and has become increasingly important.China is currently the country with the largest number of third-party online payment users in the world.Legal regulations,including the economic law regulating the third-party online payment market,are lagging behind.Its development speed is far from keeping up with the development speed of third-party online payment.Some legal systems can no longer meet the needs of the existing third-party online payment market.Third-party online payment as a new industry has the characteristics of convenience,independence,and intermediary services.It has transformed itself from a pure payment industry to an integrated service industry that provides services such as fund collection,information inquiry,and investment and wealth management.The economic laws and regulations for third-party online payments are required to solve the market economic information asymmetry.In the third-party online payment market,information held between users and businesses and between buyers and sellers is seriously asymmetric and needs to be carried out through economic laws.Regulation,which is the objective of economic law;the People's Bank of China,as the regulatory body of third-party online payment market,has excessive powers of discretion,in order to avoid its abuse of power,and it is difficult for the People's Bank of China to undertake the regulatory tasks of third-party online payment market alone.The law authorizes the relevant functional departments to jointly supervise the third-party online payment market and build a multi-division supervision system under the leadership of the People's Bank of China.The establishment of this system requires economic law to limit power and authorization;the third-party online payment industry is accompanied by the development of the Internet.There are many risks in emerging industries.In order to protect the legitimate rights and interests of consumers and promote the healthy development of third-party online payment markets,economic law regulations are needed to reduce transaction risks.The issue of legal regulation of third-party online payments can be studied from the perspective of departmental laws such as economic law,administrative law and criminal law.From the angle of national regulation of economic law,the content of the third-party online payment economic regulation system consists of three parts:the subject of regulation,the object of regulation,and the content of regulation.There are some problems in China's current system of third-party online payment laws and regulations.In terms of the main body of economic regulations,the allocation of government regulation power is irrational and the regulatory body is single,and it cannot be fully and effectively supervised;in terms of objects of economic regulation,the minimum amount of registered capital of third-party online payment companies entering the market is too high,and technical requirements are unknown.The exit mechanism does not conform to the characteristics of the industry and is not conducive to the long-term development of the market.In terms of the content of economic regulations,the management of deposit funds and asphyxiation is not standardized,and the utilization rate is not high.At the same time,the system of protection of consumer rights is lacking,which affects transaction efficiency.The improvement of our country's third-party online payment laws and regulations system can combine China's national conditions and learn from the more advanced regulatory systems in the United States and the European Union.First of all,we must improve the main body of the system of economic laws and regulations,establish a dominant multi-minded supervision system under the guidance of the People's Bank of China,and exercise diversified supervision.Second,we need to improve the object system of economic regulations.Adjusting market access conditions includes reducing the minimum amount of registered capital for third-party online payment companies to enter the market,clarifying the technical conditions of third-party online payment companies,and establishing an exit mechanism that meets the characteristics of the industry.Finally,it is necessary to improve the content system of economic regulations.Clearly determine the attribution of funds and their asphyxiation,establish a reasonable use system for the settlement of deposited funds,improve the consumer rights protection system,and protect consumers' rights to property,privacy,information,self-selection,and remedies.