Theoretical And Empirical Analysis About The Infulence Of The New Mode Of Payment System For The Payment Efficiency In The Perspective Of Two-side Market Theory

In the traditional payment market,consumer go to actual shops and purchase needed goods using bank cards,and when finally paying,consumer will brush cards on the POS equipment in order to complete the fund transfer.Merchant will furnish POS equipment to meet consumer needs,and China Unionpay is he only provider of fund settlement channels for consumer and merchants.In a word,consumer,merchant,bank and China Unionpay form the special two-side market.The new mode of payment system that this paper studies is relative to the traditional payment system and it can be devided into two kinds including internet payment and mobile payment.In the early th century,The new mode of payment system gradually enter into the daily lives of consumers under the background of electronic commerce and online shopping.The new mode of payment system is intelligent,convenient,quick and riskless,therefore it become consumer's first choice before paying.The payment market become more competitive with the entry of the new payment platforms.By this time many third-party payment platforms also provide fund settlement channels for consumer and merchants rather than just China Unionpay,as a consequence the total payment volume presents the explosive growth.This paper distinguish and definite the traditional payment system and new payment system,and analyze the operating mechanism of the traditional payment system and new payment system.And this paper explore how it works that the new mode of payment system enhance the payment market utility,by using the theory of transaction cost and two-side market.On the one hand,this payper makes theory analysis according to the related literature by constructing oligopoly model.This paper assumes that there are only two platform enterprises in the payment market incuding new payment platform and traditional payment platform,then theoretically infers the equilibrium price and the number of users on both side,and finally solve the social welfare.It can be seen that the payment markets become more competitive with the appearance of new mode of payment platform.And the new payment methods reduce the time cost,information gathering costs and transaction risk of the consumer and merchant,and also raise the success rate of payment,the total utility of the consumer and merchant and profit level of the platform enterprises,namely raise the payment utility.On the other hand,this payper empirically analyzes the influence of new payment methods for the payment market utility.In this section,we collect the panel data of 31 province from 2011 to 2015 and use stata software by construction of related indicators for empirical analysis.The final result shows that depends on the development of the Internet technology and smartphone technology,the new payment methods raise the number and amount of payment,namely raise the payment utility.In the last chapter of this paper,we provide relevant policy suggestions for government department according to the result of theoretical analysis and empirical analysis,in order to promote the payment market continue to rapid and standard development,so that the consumer and merchant can enjoy better payment services and improve the overall efficiency of payment market.