A Comparative Study Of Chinese And Vietnamese Legal System Of Third-party Payment System

With the continuous development of science and technology, the Internet networktechnology is becoming an integral part of life in the world of social production. Thedevelopment of Internet networks has not only promoted the development of third-partypayment industry, greatly facilitating and changing people’s way of life, but alsoimproved the development of national economy and improve productivity. According toiResearch statistics, in2013Chinese third-party Internet payment market transactionsamounted to5.37298trillion, representing a growth of46.8%. The overall market of thethird-party payment industry continues to grow rapidly, and its importance is furtherenhanced in the overall national economy. With the continuous development of China’sexpansion of third-party payment, supervision for third-party payment industry havecontinued to improve. In comparison to Vietnam, China is far ahead in terms of thedevelopment of this industry. Understanding the status and the risk monitoring systemof Chinese third-party payment institutions is essential for Vietnam to promote thedevelopment of its own third-party payment system, and to design a perfect monitoringsystem for third-party payment.This paper discusses the supervision of the third-party payment industry. Byexamining the legal relationship in the third-party payment and rethinking thesupervision problem aroused, we aim to have a better understanding for the third-partypayment,promoting the system and building of supervision for third-party paymentindustry.This paper is divided into four parts, the first part studies the need forregulation of third-party payment, mainly analyzing the basic concept of third-partypayment, the typical process third-party payment, third-party payment of legal risk. Thesecond part introduces the Chinese Legal System of third-party payment. The third partstudies Vietnamese legal system of third-party payment regulation from several aspects,including regulatory principles, regulatory agencies, the regulatory process, regulatoryrules, and the implementation of rights. The last part probes the ways to improve theregulatory concept of third-party payment legal system in Vietnam. In short, with thefurther development of e-commerce, strengthening financial supervision for third-partypayment platform and building a harmonious online payment environment is a priority.Combined with the regulatory status quo of China’s third-party payment platform andbased on the previous two parts, we focus on envisaging the establishment and improvement of legal and regulatory Vietnamese third-party payment system, includingthe legal nature of the third-party payment agencies, to make a choice in thespecification and development, improvement of policies and regulations andstrengthening of supervision.