The Legal Supervision Of The Electronic Payment Platform

Nowadays,electronic payment is developing rapidly,which have become the most important payment in China,Alipay?We Chat pay for example?In February2016,Apple entered into a cooperation agreement with China Unionpay.Unionpay cloudburst service was launched to support Apple pay.Apple pay officially entered the domestic market and open to public.But after a year or two of development,Apple pay didn't popularize as expected.Why does apple pay not work well in the domestic market,as it has grown so fast in the USA? what kind of obstacles dose it suffer? Is it hindered by apple pay's own problem,or by other obstacles in financial laws?This article recommends the Apple pay landing in China as the main line,then analyzes the shortcomings of China's current payment platform,and introduces the relevant foreign regulatory models.Based on the useful regulatory experience,this paper puts forward some suggestions and directions for the future supervision of China's electronic payment platform.There are four main parts in this paper.The first part of this article mainly introduces the landing of Apple pay in China,including its own legal characterization,development advantages and the legal nature of the difficulties encountered in landing in China.The second part expounds the necessity of openingthe electronic payment market more specifically.After the exposition on the first part,we could understand the differences of the regulatory to electronic payment platform between domestic company and foreign company,in order to explain the legal reasons for its necessity of further expansion.The third part introduces the foreign supervision of electronic payment platform,based on the previous context.In American regulation,the government is mainly neutral,which put more emphasis on the backward supervision than the prior behavior.European Union regulation is mainly divided into levels,that different types of electronic payment platform using different regulatory systems.The fourth part is the summary and analysis of China's current electronic payment legislation status,and suggestions on the future supervision direction.Based on the analysis of the legal factors in the previous parts,and drawing on the useful regulatory experience of foreign countries,we can find a suitable way for China to regulate the payment platform.Therefore,the legal problems are,arising from the apple pay landing on China,that China needs to expand the electronic payment,to introduce a more fully-completed competition mechanism,to establish regulatory principles,and to clarify the specific responsibilities of regulators.It can create a more international,healthy and powerful market environment for electronic payment platform.