Third-party Payment Related Legal Issues Research

In recent years, China’s e-commerce have benefited much from the rapid developmentand continuous innovation of the third-party payment. However, this new emerging thingalso brings new and sharply challenges to the related supervisors. The problems such asthe legal status of the third-party payment, ownership of the precipitation funds and itsinterest, consumer protection, the third-party payment platform-relatedmoney-laundering offences came out because of the insufficiency of law supervision.Considering of the lack of law regulation and self-discipline of professional association,this paper suggested that the supervisors should play a much bigger role to ensure thatthe third-party payment continue to develop fast and healthily.First, from the point of the legal status of the third-party payment, this article analyzedthe legal relationships between the key parties in the third-party payment system, andelaborated the crucial legal problem exists in the third-party payment, that is theownership of the precipitation funds and its interest. By drawing on the supervisionconcept of the United States and the European Union on the third-party payment, such aslicense policy, deposit-extension insurance system and so on, this article put forward atheory that the interest of the precipitation funds should not be simply owned as theproperty of the third-party payment companies, and corresponding solution was proposed.What is more, establishing regulations and laws about the market exit mechanism shouldbe put into the agenda, in order to protect the consumers. In addition, the ChinesePayment and Settlement Association should improve its professional self-discipline assoon as possible, and carry out the self-discipline activities, to guarantee a healthylong-term development of the third-party payment.