The Study On The Impact Of Third-party Payment On Velocity Of Money And Monetary Multiplier In China

Third-party payment emerged and expands under the background of the development of big data technology,the popularization of Internet and the improvement of intelligent terminal.In recent years,the development tendency of third-party payment in China is overwhelming,and it is necessary for China,the market with the largest development scale of third-party payment,to conduct corresponding research on third-party payment.While bringing efficient payment to the public,third-party payment has also exerted some influence on the monetary system and payment system in China.Firstly,based on the generalization and summarization of the research results of third-party payment,this paper made a definition of third-party payment,and made clear that the research object of this paper is the third-party payment in a narrow sense,namely,third-party Internet payment and third-party mobile payment,which can also be interpreted as third-party network payment.After inductive generalization,it was found that third-party payment has the characteristics of convenience,rapidness,credit guarantee,prominent sociality and high security.Besides,the third-party payment was classified into three categories based on its payment mode at the beginning of its birth and at present.The third-party payment market in China has presented the development characteristics of stable integral pattern,payment mode shifting to mobile terminals,continuously abundant payment scenes and stricter market supervision.Then,respectively from two aspects of theories and demonstration,this paper analyzed the influence of third-party payment on China's monetary multiplier and velocity of money.It was found that third-party payment has indeed impacted China's money supply and demand;third-party payment has obvious substitution effect for cash,and has certain substitutability for current deposit,which can act as a supplementary of cash;third-party payment has reduced the demand for transactional and preventative currency in Chinese society,and exerts an impact on the money demand structure in China,besides,the original three stratas of money in China appeared the trend of being transformed from low class to high class;the development of third-party payment has changed the way people holding assets,the velocity of money and the money multiplier have been influenced,the short-term and long-term influence trends are different,money supply has become more complicated and random,and the stability of velocity of money is weakened;the effect of central bank's using quantity-based monetary policy tools to regulate money supply will be weakened,and the operative difficulty index of central bank's regulating aggregate social supply and demand will increase.Finally,according to the results of theoretical and empirical analysis,in view of the possible impacts of the development of third-party payment on the monetary system in China,some policy suggestions are put forward.The central bank should deepen its research on the third-party payment market,perfect the laws and regulations for supervision of the third-party market,and speed up the transformation from quantity-based monetary policy tools to price-based ones.The third-party payment agencies should strengthen the industry supervision starting from themselves.The government should encourage the development of diversified payment system and promote the healthy and sustainable development of China's payment system.