The Research On External Market Network Externalities Of Third Party Payment Platform

The third-party payment platform is a payment third party for the user to complete the transaction.In terms of the platform users,it has obvious bilateral market characteristics.With the increase in the number of third-party payment platform merchants,the original user group will be expanded,and more merchants will be allowed to join the third-party payment platform.At the same time,more users using the platform promote the use of other users and merchants.Network externality is one of the core characteristics of third-party payment platforms,and it is more evident in services provided by third-party payment platforms.The number of users of third-party payment platforms is increasing.How the merchants of third-party payment platforms target users,increase their competitiveness,and obtain new profit growth points are Problems to be solved.So this article will discuss in depth the network externalities and characteristics of third-party payment platforms,and explore the relationship between users and merchants based on network externalities,and provide decision-making basis for third-party payment platform merchants to enhance their competitiveness.Based on the existing literature and theory,this paper constructs a model of the relationship between the network externalities between the users of the third-party payment platform and the merchants.Then,it uses the operational data of a well-known third-party payment platform in China to process the data sets.Statistical software SPSS23.0 is performed correlation analysis and factor analysis,and tests the existence and characteristics of network externalities of third-party payment platforms.Then we explore the regulatory effects of merchants' cities and merchant types on merchant network effectiveness for merchant groups.At the same time,the robustness test is used to test the stability of the results and to eliminate the spurious regression problem.The empirical analysis results show that:(1)The third-party payment platform has both cross-network externalities and self-network externalities.(2)There is a cross-network externality between the size of merchants and user utility.The increase in the number of merchants active will increase the amount of user payments,but there is no cross-network externality between user size and merchant utility.(3)There is an externality between the scale of merchants and the utility of merchants.The increase in the size of merchants will increase the amount of merchants' receipts.There is no network externality between user size and user utility.(4)Merchants' cities play a regulating role in the effect of merchants' scale on the utility of merchants.The main manifestation is that merchants' cities are second-tier cities and have a positive adjustment effect.(5)The types of merchants play a moderating role in the effect of merchants' scale on the utility of merchants.Shopping merchants have a negative effect on them and food merchants have a positive effect on them.Based on the perspective of bilateral market,this paper studies the characteristics of network externalities of third-party payment platforms and concludes that it provides a theoretical basis for effective management decision-making of third-party payment platforms.