A Comparative Study On The Legal System Of Third-Party Payment Service

The development of internet in the21st century has brought the rise of electroniccommerce. With the flourishing development of electronic commerce, the third-partypayment which is a kind of innovative electronic payment method is produced. Thethird-party payment effectively solves the problem of credit between buyers and sellersin traditional e-commerce, which greatly promotes the development of e-commerce. Sothe application range of third-party payment increases quickly. More and morecompany which services third-party payment produces.However, the rapid development of third-party payment hides a series of potentiallegal issues, including the legal status of third-party payment agencies, the security offund that belongs to customers but be held by the third-party agencies, the protectionof consumer and the possibility of being used by money laundering.Therefore, this article tries to do depth study with the following four parts: first,the third party and its basic principle of regulation. This section mainly discusses andintroduces third-party payment’s definition, features, typical processes and other basicproblems. And then this section analyses and interprets the necessity of third-partypayment regulation and its institutionalization. Second, the foreign third-party paymentregulation legal system. This section focuses on foreign third-party payment regulationsystem in developed country, including regulatory model, regulatory institutional setupand regulatory measures. Among them, regulatory measures are the key point of thischapter. Based on the analysis of the regulatory status of the countries above, thischapter will make a summary of the final analysis and drawing. Third, the mainproblems of the third-party payment regulatory legal system in China. This chapterfirst analyses the legislative background of the third-party payment of evolution in ourcountry, along with a brief analysis of the regulatory status.`Having a preliminaryunderstanding of the third-party payment regulatory legal system, this chapter focuseson the problems of third-party payment in market access, customer fund management,consumer protection and anti-money-laundering. Fourth, suggestions of improvementof third-party payment legal system. Combined with the previous studies on theregulation of foreign third-party payment legal system, in case of the problems we aremeeting about third-party payment in our country, this chapter attempts to refer to and draw lessons from foreign regulatory measures and put forward some constructiveimprovement suggestions with realities in our country.