Research On Legal Supervision System Of Network Third Party Payment

The third-party network payment is seen as an important part of the contemporary financial sector,and it is an intermediary organization for the circulation of financial services and a derivative of the financial services sector.The new payment model brings convenience to people's lives,greatly solves the crisis of confidence between businesses and consumers,and plays an important role in the development of the financial market.Chinese online third-party payment agencies have been developing at an alarming rate and have huge transaction volumes.According to data from iResearch,2017 network third-party mobile payment transactions reached 27.1 trillion yuan,an increase of 95%over 2016.Although the network third-party payment industry is characterized by convenience,credit intermediation,financial instrumentality,and symbiosis,but with the rapid development of network third-party payments,industry risks also come at the same time.The main risks include legal risks.,transaction security risks,consumer rights protection risks and functional business regulatory risks,etc.,need to take the necessary regulatory measures to prevent and correct.The "Administrative Measures on the Services of Non-financial Institutions"was promulgated in 2010,which to some extent filled the legislative blank.There are some relevant laws and regulations provisions,but the true system and system of online third-party payment supervision has not been formed.In general,the supervision of third-party payment platforms is still in its infancy in China.These normative legal documents also have the problem of a lower legal level.There are still many regulatory issues that need to be improved through legislation.The development of domestic third-party network payment is in a transitional stage,and the study on the third-party payment supervision of the Internet is still insufficient.Therefore,this paper firstly summarizes the current situation of third-party network payment in our country,raises questions and sorts them out,and then combines the mature experiences of EU,Singapore,and other developed countries,and compares and learns from our country's network third-party payment supervision system;finally learns from other countries.Based on the existing problems in our country,we put forward the supervision and reform measures that adapt to the national conditions.This article is divided into four parts:The first part is the basic introduction to third-party payment on the Internet.This section introduces the basic concepts and legal definitions of third-party network payment,analyzes several types of network third-party payment agencies operating models,and the basic characteristics of the network third-party payment industry.Second,it analyzes the various actors in the online third-party payment transaction and the legal relationship between them.Finally,from the three aspects of the development of the industry,the reduction of financial risks,and the protection of the rights and interests of consumers,the necessity of the legal supervision of third-party payment on the Internet is described.The second part is a comprehensive summary of domestic laws and regulations,most cases and market conditions,and concludes that there are problems in the regulation and problems of third-party payment in China.First of all,it introduces the government's legal rules and regulations for third-party payment agencies on the Internet in recent years,and secondly,the status of the development of third-party payment agencies on the Internet through various new data.Finally,the author puts forward a detailed analysis of the current status of third-party payment institutions,including the imperfections of regulatory laws and regulations,inadequacies in transaction security risks,inadequate consumer protection mechanisms,and lack of functional business supervision.The following aspects are summarized:The unsound aspects of the regulatory legal system include:a low level of legislation,weak regulatory power,unsatisfactory implementation of the high-permission access system,and inadequate market launch mechanisms.The hidden dangers in transaction security include:the protection of personal information is not in place,the transaction credit system is not perfect,and the financial supervision system is not perfect.The unsound protection of consumer rights includes:information asymmetry,and the system of fund recovery is not perfect.Lack of functional business supervision includes:cross-border business money laundering,credit card business cash.The third part elaborates the mature experience of third-party payment supervision systems in developed countries such as the United States,the United States,Singapore,and the United States.For example,the United States,the European Union,Singapore,the third-party network of third-party payment regulatory agencies,the formulation of regulatory laws and regulations,the third-party payment market access system,exit Mechanisms and Third Party Payment Pricing Regulations,etc.It compares the third-party supervision system of China' s network with foreign regulatory payments,and draws useful inspirations for China's development.The fourth part elaborates on the strategies and implementation suggestions that are proposed to address these regulatory issues.Including improving legislation and regulations at specific levels,formulating special regulations and laws,enhancing supervision of non-compliance regulations,establishing law enforcement liaison mechanisms in different places,improving market access and withdrawal mechanisms,restricting the authority of third party payment to network data,establishing a controllable range of data sharing mechanisms,and a unified credit rating.Assessment system,standardization of use of reserves,provision of convenient fund recovery procedures,improvement of information disclosure systems,regulation of derivative business supervision systems,development of rules and thresholds for derivative services,etc.A series of tangible solutions have been proposed to strengthen the supervision of third-party payment platforms and create a safe and fair environment for online payment.It is hoped that through the study of the network third-party payment legal supervision system,China will be enlightened in the field of third-party payment supervision in the Internet.It will be more standardized in legislation,improve operability in practice,and better supervise the network third-party payment industry.