Research On The Problems And Countermeasures Of Third-party Payment Platform Supervision

With the rapid development of Internet finance in recent years,more and more fields divide the subdivided industries through cloud computing and face recognition technology which are applied to these rapidly developing subdivided industries.This also shows that information technology is rapidly applied into the financial field and the development of e-commerce is further accelerated by the thirdparty payment.On the one hand,the third-party payment makes the transaction process simpler by connecting the bank port with the payment institution,which is more convenient.At the same time,it is regulated in terms of credit guarantee,which greatly accelerates the fund circulation,provides good credit guarantee in rapid transaction,and further promotes the development of financial activities.On the other hand,due to the long development time of third-party payment,it is applied in various business field,such as funds,investment,payment,entertainment,commercial insurance,overseas payment,etc,not just e-commerce.the development trend is getting better year by year.Many risks are gradually exposed with the rapid development of third-party payment.As the main regulatory body of the third party payment platform,the People’s Bank of China(BPOC)is not advanced enough in the regulatory system at the institutional level at present.Especially,there is a certain gap between Chinese regulatory system and the relevant regulation under the current situation,which is adverse to the protection of the third party payment.For the diversified development of third-party payment platform products,if only one department is responsible for supervision,it may not be able to achieve comprehensive supervision,so it needs the cooperation of other regulatory departments.Although China has promulgated the management for the third-party payment platform,but weak coercive power can not really regulate the supervision of the third-party payment institutions,because the legal system,improving the relevant mechanism of the third-party payment platform market,promoting the construction of a multi-party coordinated regulatory system,strengthening the protection of consumers’ legitimate rights and interests,and improving the regulatory ability of the regulatory institutions are stayed on the policy system.Based on the development overview and regulatory status of third-party payment,this paper analyzes the obstacles faced in its development on the basis of market failure theory,and comes to the following problems: inefficient supervision of the regulatory body for mixed operation,the imperfect regulatory legal system,the regulatory mode of the current institutional which needs to be changed,the low regulatory efficiency,and the serious leakage of consumer information.With the example of bestpay,this paper describs the concept and existing problems of the thirdparty payment platform in detail and analyzes the main reasons for these problems,including the failure to form an effective collaborative regulatory mechanism,the lag in the establishment of the regulatory system,the low level of technological regulatory method,and the inadequate supervision of personal information.In view of these regulatory problems,this paper puts forward solutions from five aspects: law,mechanism,regulatory system,consumer rights and interests and regulatory level,and strives to solve the regulatory problems existing in the third-party payment platform,so as to make the third-party payment platform develop healthily and stably under supervision.