Research On The Legislative Regulation Of Prepaid Merchandise Certificates

As a new type of payment and settlement tool, Prepaid Merchandise Certificates had brought a great benefit for trading activity between consumers and merchants.Right now we don’t have regulation aimed to Prepaid Merchandise Certificates, which linked troubles between consumers and merchants; rights and obligations are not clearly defined under prepaid mode, which lead to inequality imparity clause problems, for example,"Participation fees are not refundable when the term of validity expired","The right of final interpretation are reserved","Missing do not been replaced","Once sold, no refund". In practice, some sellers are not in good faith, they cheat the consumer through Prepaid Merchandise Certificates; during the process of Prepaid Merchandise Certificates transaction, and the consumer must fill the private information, such as name, telephone number, E-mail address, career, home address and ID numbers, some merchants leak or sell that information.American, European Union, Japan and Taiwan province had already made law about Prepaid Merchandise Certificates. Federal law and state law in the USA limited the specific content and detailed terms; European Union emphasized financial market and access to electronic currency mechanism; Japan focused on administration supervision, before release the issuer should report to authority about issue and unfulfilled amount; for one thing Taiwan province made standard contract regulation of prepaid card, for another they also rely on self-discipline of industry system.Our country can learn some lessons from all the countries and area above. It will be not only to protect the benefit of consumers but also to play a positive role of economy to promote the regulation from local to central, build registration system of Prepaid Merchandise Certificates, access and exit system, build provision system and supervise fund security effectively.