Research On Legal Issues Concerning The Supervision Of Third-party Payment Institutions

In recent years,with the rapid development of China’s E-commerce industry,the third-party payment business has been highly integrated with our production and life,and has become an important part of the market economy.The third-party payment industry in China during 1999 to 2010,has been unfettered developed for a long time in its early stage of this industry.Until 2010,the People’s Bank of China,promulgated The Administration of Services of Non-financial Payment Institutions Service Management Measures,the third-party payment institutions have been formally incorporated into the supervision system of the People’s Bank of China.Since then,the third-party payment institutions have a legal status,but also began to face gradually strengthened legal supervision.However,to this kind of emerging industry,our regulatory laws are only include a departmental regulation and a series of normative legal documents issued by the People’s Bank of China so far.The lagging legislation,weak system and low legal level of the third-party payment industry inevitably lead to many practical problems in the process of legal supervision.This paper will analyze the real cases to find out the problems and causes of the current legal supervision in this field in China.At the same time,it will compare the legal supervision situations of various countries and regions.Finally we will put forward effective suggestions on legal supervision.Part one,we will combing the development of the third-party payment industry in our country,with summarizing relevant laws and regulation policies in this area.Overview of the current third-party payment market access mechanism and customer management of China.Introducing the theoretical basis of third-party payment,to analyzes and discusses the legal definition of third-party payment institutions.Part two,through the analysis of the typical case,the Pay Pal acquiring a licensed payment institution in China-GUOFUBAO,to analyze the current market access mechanism of the reality of the dilemma.The practical problems are caused by the unimpeded market access channels and the long period of validity of the payment license in China.At the same time,through the analysis of administrative litigation cases,researching the situation of illegal platforms using third-party payment institutions to carry out illegal activities.It sorted out the documents and policy requirements of the People’s Bank of China to strengthen the customer management of third-party payment institutions,and specifically pointed out the reasons for the lack of operability of some of the requirements.Part three,comparing laws and regulations of the market access mechanism and customer management by third-party payment institutions in various countries and regions,to analyzes the advantages and disadvantages of different mechanisms and policies.Part four,putting forward effective legal supervision suggestions.Including improving the existing regulatory system,liberalizing the market a ccess of payment license for high-quality enterprises and shorten the length of payment licenses reasonably.In terms of customer management,the classification and rating of institutions should be improved,and different regulatory policies should be implemented for different institutions,so as to improve the enforceability of policies.