The Influences Of Third-party Payment Involved In Circulation Of Electronic Money To The Money Supply System

Electronic money in circulation, electronic money gradually replace the traditional bank notes and coins as a major trading and payment instruments has become an irreversible worldwide trend. Time into the 21 st century, information economy has become the core of global economic development. In recent years, China’s electronic money has been rapid development, which contributed to the third-party payment. In the third quarter of 2015, data from Iresearch shows that scale of third-party payment has been 3 trillion, up 52.6% year on year growth, the market continued to grow rapidly. Its importance in the overall national economy further enhanced, which depends on the development of e-commerce platform and the promoting of information technology to a certain extent. Third-party payment’s advancement in the electronic payment technology has made a large number of payment innovation and expanded the field of payments. With the rapid growth of electronic commerce and the deepening in the consumer field, third-party payment scale electronic payments has also been expanding rapidly, so that third-party payment of electronic money in the retail sector has been deepening in changing people’s lifestyle and payment habits. This gave rise to a new experience and convenience, but it will also challenge the finance theory of the traditional currency, the central bank in the money supply, financial regulation and supervision work will face many new challenges.This paper will analyze the effect of current third-party payment’s development of electronic money to the money supply by the method of combining theoretical research and empirical research. From the history of development of electronic money point of view, to define the scope and characteristics of electronic money and introduced monetary level classification; And then combined with the development of third-party payment of electronic money and the status quo in our country, focusing on the new features of third-party payment for the development of electronic money brings, researching its effect on our cash substitution effect, and the central bank’s money supply by theoretical methods; Again from the perspective of a quantitative analysis analyze the impact of electronic money on third-party payment of the money supply. This analysis is mainly using the related quarterly data to make econometric analysis, the impact of electronic money to pay cash leakage rate by a third-party research, Analyze its money multiplier, the impact of money supply.Finally the above analysis are summarized third party payment currency levels, cash leakage rate, changes in the money supply multiplier caused by electronic money, and discusses the impact of these changes and provide some countermeasures for the central bank monetary policy.