Regulatory And Self-regulatory System Of Third-party Payment Mechanism Analysis

With the development of e-commerce and information technology, the buyers andsellers are in growing need of convenient and safe payment. Thus third-party paymentorganizations emerge. Recent years have seen increasing number of third-party paymentorganizations,rising turnover and widening scope of payment. To a great extent,third-party payment organizations have solved the problem of credit and efficiency.However, as they possess sorts of particularity, they also bring a series of problems. Thequalification of the third party payment organizations can not meet the standards.People abuse third-party payment platform.Customer rights and interests can’t beprotected. Cash reserve is diverted. All these problems contribute to the risk of the thirdparty payment market. So it’s necessary to solve these problems.There is contractual relationship between third party payment organizations andcustomers. As they possess a series of problems, it is necessary for government toregulate them so that administrative relationship exits between third party paymentorganizations and regulatory authority. The regulatory authority grant the permit to thequalified third party payment organizations thus administrative permission relationshipforms. At the same time, the regulatory authority should regulate the operation of thirdparty payment organizations. The regulatory authority has the power to punish thosewhich fail to perform their obligations thus administrative punishment relationshipforms.Third party payment organizations are very important intermediary organizations,affecting financial order. They are widely discussed by scholars and people in thepractice. Most of the studies focus on certain problems of third party paymentorganizations. They talk less of self-discipline norms, which makes room for this paperto study the regulation and self-discipline system.At first, this paper analyzes regulatory level of the existing laws and regulations fromfour aspects. Then this paper analyzes the latest two self-discipline norms of thethird-party payment organizations.At the same time, this paper gives a brief analysis of the American and the Europeanregulation of third-party payment organizations on the basis of differences existing in different nations. Finally this paper, combined with China’s national conditions as wellas relevant academic views and through analyzing the legal norms of domesticregulation and self-discipline, expounds the advantages and disadvantages of legalsystem of China’s third-party payment organization.This paper perhaps has several innovation points. On the one hand, this paper mainlybases on the latest regulation system and relevant self-discipline norms. On the otherhand, this paper emphasizes the self-discipline norms as well as the regulation systemshould be established by relevant authority and department. Besides, this paper arguesthat we can learn from American and the European regulation system but we can’taccept everything. This paper hopes to comb the regulation system and relevantself-discipline norms and put forward a few suggestions. Thus, this paper hopes toprovide limited support and help for developing third-party payment organization andstabilizing the financial order.