The Anti-monopoly Law Analysisi Of The Third Party Payment Based On Two-sided Markets

With the continuous deepening of the reform of the financial system,the internet finance industry represented by third-party payment is growing in strength.The third-party payment market itself has strong bilateral market characteristics.Under the influence of cross-network externalities,the consideration of anti-monopoly law on third-party payment market can not adhere to the traditional framework.In the third-party payment market related market definition,it should break through the traditional methods,thinking from a comprehensive point of view.Analyzing the market structure,pricing strategy and transfer cost of the third-party payment market according to the bilateral market theory,considering the possibility of making up for the loss and the vertically integrated operation mode,we can better understand the current development of the third-party payment market in our country.On the basis of summarizing the previous studies,firstly this paper incorporating the definitions of the bilateral market in the current Internet economic environment and clearly shows that the third-party payment market has significant bilateral market characteristics.It is also believed that third-party payment markets has cross-network externalities and non-neutral pricing as the salient features of bilateral markets.Secondly,when it comes to analyzing the anti-monopoly regulations of third-party markets from the perspective of bilateral markets,it is necessary to expand the methods for defining the relevant markets.Rely on various comprehensive considerations and case analysis of professional law enforcement agencies,we can incorporate third-party payment market in China into a reasonable market scope.Then,through the analysis of the market structure of the third-party payment market,the case reveals the reality from the perspectives of market concentration and entry barriers.Regarding whether or not the Internet companies can earn profits through price increases,and will they use predatory pricing behavior to undermine competition or not? The answer is yes.This article proposes the regulation of the antitrust law against the third-party payment market pricing strategy.