Legal Research On European Union Payment Service Regime

A fine payment service is the key for internal market at European Union. The current legal framework of payment service constituted by one regulation, four directives and several recommendations, covering all kinds of payment method, establishment of payment service provider, rights and obligations of payment service and prudential supervision. Compared with the European Union, the legal framework for payment service at China is rather poor. Therefore, it is necessary to learn from European Union and complete the relevant legislation. This paper intends to make a deep research on the establishment of European Union payment service provider, right and obligation in the payment service, prudential supervision and provides some useful advices for our legislation.This paper has three major parts. The first part gives a detailed introduction to payment service law, including five common payment service modes, such as cash, instrument, payment card, transfer payment and e-payment and their relevant legal relationship.The second part gives a deep legal research on European Union payment service law, including the secondary legislation, current legal framework, information requirements, protection on privacy, supervision on credit institution and electronic payment institution.The third part explains the impact of European Union payment service law on our legislation. Currently, compared with the rapid growth of payment service, relevant legislations keep silent on many issues, especially at e-payment. Thought the Measure on payment and clearing (proposal) and Directive on e-payment (No. 1) have been promulgated, they are still imperfect, nevertheless, it is urgent to learn from European Union.