Research On The Legal Supervision Of The Third-party Cross-border Payment Of China

With the booming Internet technology and deepening economic globalization, the cross-border electronic commerce and the third-party cross-border payment has been flourished recently. The third-party payment service has been expanded to the cross-border market in that more and more domestic consumers choose to go shopping overseas.Though the third-party cross-border payment develops rapidly, the relevant legislative and regulatory system need to be improved greatly. In 2013, China has launched the pilot of cross-border exchange payment service, which has aroused great concerns of relevant legislators and regulators. At present, the special legislation for the third-party cross-border payment is insufficient. Besides the exchange control, the legal supervision of the third-party cross-border payment adopts the laws and regulatory system of the third-party domestic payment. Therefore, it is of important theoretical and practical significance that to construct and improve the legal supervision of the cross-border electronic commerce and the third-party cross-border payment.Apart from the introduction and conclusion, the paper comprises of four parts:The first part gives a systematically introduction to the concepts, payment models, classification, and development of the e-payment, the third-party payment and the third-party cross-border payment. Combined with “the Sino-US Electronic Payment Service Dispute Case”, the author points out that the e-payment includes the e-payment of both financial institutions and non-financial institutions and that the third-party cross-border payment is one special condition, which helps better understand the formation of the legal supervision of the third-party cross-border payment. This is the main research idea and focus of this paper.The second part puts up with two deficiencies of the laws of third-party cross-border payment after introducing the status quo of the legislation, supervision models, orientation of the third-party payment institution, market access, surveillance and security of precipitation funds, consumer protections, anti-money laundering system, exchange control, and etc. The two deficiencies are in the basic legal supervision system and exchange control supervision: the third-party payment institution has ambiguous orientation, uncoordinated legal supervision system, imperfect special legislation and poor consumer protections, while the trading authenticity of exchange cannot ensure and the veracity of income and expenditure statistics of exchange declines.The third part focuses on the legal supervision of the third-party cross-border payment in the most representative Euramerican developed countries, including supervision model, orientation of the third-party payment institution, market access, surveillance and security of precipitation funds, consumer protections, and etc. The experiences and lessons learned from Euramerican developed countries inspire the domestic legal supervision of the third-party cross-border payment.The fourth part gives a conclusion of this research and, combined with the deficiencies and enlightment, proposes legal countermeasures and suggestions of the third-party cross-border payment in terms of domestic law and international law. For domestic law, the author focuses on the suggestions to endow the third-party payment institutions the legal status as quasi-financial institutions, to improve the regulatory system and the special legislation of the third-party cross-border payment, to enhance consumer protections and customer precipitation funds management and to improve exchange control system of the third-party cross-border payment. For international law, the author emphasizes to strengthen the awareness of WTO rules, to promote the internationalization of the third-party cross-border payment, to construct the international supervision standards of the third-party cross-border payment on the basis of GATS, Core Principles for Effective Banking Supervision, UNCITRAL Model Law on International Credit Transfers, and etc., to enhance international cooperation. This paper tries to discuss the possibility to enact international supervision standards of the third-party cross-border payment and to enhance the international cooperation on supervision.