| The Non-financial Payment Services Management Method which was issued by The People’s Bank of China in 2010 marks the beginning of supervision and standardization of the Third-party Payment organization. In 1999 Shouyixin was set up as the first Third-party Payment organization, from that time on, China’s Third Party payment organization has experienced four stages of development. By the end of 2015,270 organizations have obtained non-financial payment services license in our country. After more than ten years of development, the Third-party Payment service organization has played an important role in our payment service system. Especially in retail payment service aspect,the Third-party Payment service organization become the backbone of supply, and it effectively meets the social public non-cash payment service requirements which has been ignored by banks for a long time. Third-party payment is an important part of Internet Finance,which not only provides service for the public,but also significantly improves the quality of life and social capital flow.Under the background of developing inclusive financial system,third-party payment industry’s healthy development will let more people enjoy better financial service and will become backbone of financial development.Based on the sustainable development of retail payment service, the third-party payment organization keeps seeking innovation. At the same time, with the development of the industry, risks are constantly changing. From the original simple precipitation funds risks and information security risks to systemic risks and mixed management risks. In order to let it to develop in an order and healthy way, the third-party payment industry must be regulated effectively. The innovative ability and risk control ability should be taken the same attention.The issue of the "Non-financial Payment Services Management Method" means the Third-party Payment industry to be officially supervised,People’s Bank of China is the main body of regulation. With the issue of a number of regulatory documents, the laws and regulations system is preliminary established and the "Non-financial Payment Services Management Method" is the core of supervision. The supervision content covers access process, operation, exit, and the supervision measures include on-site supervision and off-site supervision. But due to the rapid development of the third-party payment industry in our country, lack of regulatory experiences, indistinction of coordination mechanism and less of talents, some shortcomings exist in our country’s third-party payment supervision.It displays mainly in the low level of regulatory legislation, high barriers to entry, regulatory measures to the more stringent technical level is not high, excess reserves management, difficulty to cope with the tendency of mixed management, insufficient protection for consumers, etcTo meet the needs of effective regulation, setting up effective regulatory framework system should be based on the situation of China and draw lessons from the developed countries’third-party payment experiences,such as the United States, the European Union. Different countries have different regulatory measures, but all have similar regulatory principles.The same principle is to protect the payment industry competition and innovation power payment services as well as the legitimate rights and interests of consumers on the basis of the effective prevention of risks. Because of the different legislation system, the United States mainly uses the functional regulation, European Union mainly uses functional regulation. After the initial strict admittance regulation, European Union realizes that high barriers to enter inhibit industry innovation vigor, and then adjusts it quickly. Especially in terms of regulatory laws, Europe and the United States have formed a set of complete legal framework system. Our country should make the best use of international advanced experience in order to establish a regulatory framework which is suitable to Chinese realities. It includes perfect legislation, improve legislation of the payments and settlement system, establish effective principles to resist risks, introduce rich dynamic regulatory measures, establish an effective consumer protection mechanism, develop multi-level supervision personnel and so on. As the development of mixed management in the payment industry,it is difficult to just rely on the People’s Bank of China to supervise the third-party payment organization, establishing department supervision coordination mechanism and employing functional regulation becomes the inevitable choice of our country. |
