What is third-party payment? Explanation of third-party payment
The official explanation from the Central Bank: It is a transaction support platform provided by a third-party independent institution that has signed contracts with the country where the product is located and major foreign banks and has certain strength and credibility guarantees. In transactions conducted through a third-party payment platform, after the buyer purchases the goods, the buyer uses the account provided by the third-party platform to pay for the goods, and the third party notifies the seller of payment and delivery arrival; after inspecting the goods, the buyer can notify the seller of payment, and the third party will Payment is transferred to the seller's account.
General explanation: It refers to the transaction support platform provided by a third-party independent institution (company) that signs a contract with a bank (usually multiple banks) and has a certain strength and reputation guarantee. It is the "intermediate platform" for funds between buyers and sellers during the transaction process, and is an independent institution that protects the interests of both parties under bank supervision. In transactions conducted through a third-party payment platform, after the buyer purchases the goods, the buyer uses the account provided by the third-party platform to pay for the goods, and the third party notifies the seller of payment and delivery arrival; after the goods are inspected, the buyer should notify the seller of payment, and the third party should Transfer payment to seller's account. It is a credit intermediary service and payment escrow behavior that makes remittance funds controllable. This form of third-party intermediary and payment process breaks through the bottleneck that restricts the development of online payment services: it not only solves the inconvenience of payment transfers caused by inconsistent bank cards in e-commerce micropayments, but also reduces the risk of Internet transaction fraud caused by information asymmetry. It protects the legitimate rights and interests of consumers and promotes the healthy development of the payment industry. Similarly, companies that have obtained a payment license issued by the People's Bank of China and have such reputation and strength are also called third-party payment companies, involving different payment methods and Industry scope. Such as Alipay, Tenpay, Baipay, Huanxun Pay, Kuaiqian Pay, Yibao Pay, etc... all belong to third-party payment companies.
(1) Description
Third-party payment service is one of the Internet payment methods and an important part of the modern financial payment market. Traditional third-party payment services refer to online capital transfer services provided by intermediary companies. The specific service process is that after the buyer and seller reach an online commodity transaction agreement, the buyer uses the account provided by a third-party intermediary to pay for the goods. Payments are held temporarily by a third-party intermediary. The third party notifies the seller to deliver the goods, and after the buyer checks whether the goods are correct, the buyer notifies the third-party intermediary to pay, and the payment is transferred from the third-party intermediary account to the seller's account, and the entire transaction is completed; if the buyer is not satisfied with the goods for various reasons, he can notify the third-party intermediary to make the payment. Third-party intermediaries stop payment and transactions will be interrupted. As the industry continues to expand and deepen, emerging third-party payment services, on the basis of providing traditional online payment services, have gradually penetrated into offline payment fields such as mobile payment, prepaid card acceptance, and POS payment. , enriching people’s payment channels.
Therefore, third-party payment services can be described as credit intermediary services and payment custody behaviors. The essence of its operation is to control remittance funds by establishing an intermediate transition account between buyers and sellers. This third-party intermediary form and payment process design break through the bottleneck that restricts the development of online payment services: on the one hand, it solves the inconvenience of commodity transfer caused by inconsistent bank cards in e-commerce micropayments; on the other hand, it greatly reduces the risk of information asymmetry and Internet transaction fraud. Fully protect the legitimate rights and interests of consumers and promote the healthy development of the payment industry.
(2) Third-party payment companies (2) Third-party payment companies
According to the "Measures for the Administration of Payment Services of Non-Financial Institutions" issued by the Central Bank in 2010, third-party payment companies are divided into intermediary payment institutions that provide non-bank financial services or capital transfer services. According to Li Yulin (2009)'s summary of the concept of third-party payment enterprises, third-party payment enterprises refer to intermediaries that are independent of buyers and sellers, provide interfaces and channel services with bank payment and settlement systems, and realize fund transfer and payment settlement services. Therefore, third-party payment companies should continue to be committed to promoting the sustainable development of enterprises and meeting the growing payment needs of users. First, third-party payment companies need to negotiate with different banks to provide a series of application interface programs, integrate various bank cards into the payment platform, provide users with diversified payment channels, and help consumers reduce online shopping costs. Help merchants reduce operating costs, help banks save gateway development machine maintenance costs, and make online shopping faster and more convenient; secondly, when the number of users reaches a relatively stable period, third-party payment companies should be committed to expanding their business scope and focusing on online and offline For the development of services, we will cooperate with more large-scale e-commerce websites or other enterprises that require third-party payment services to maximize the provision of diversified fund transfer and payment settlement services.
(3) Third-party payment industry
The third-party payment industry refers to the collection of payment companies that provide third-party payment services. At present, my country's third-party payment industry still takes the third-party online payment market as its core business. However, as enterprise business areas continue to expand, other payment channels such as the mobile payment market and POS payment market will gradually penetrate into the third-party payment industry. In the ten years of development of the third-party payment industry, from the initial life service e-commerce field to a comprehensive attack on e-commerce, education, finance, public utilities, aviation and other fields, the third-party payment industry has become indispensable to China's Internet economy. of supporting strength. In the development strategy study of China's third-party payment industry released by CCID Consulting Company in 2011, the importance of the third-party payment industry was mentioned, believing that the third-party payment industry not only fills the gap in banking service functions, but also improves the efficiency of financial transactions. At the same time, it plays an important role in improving the modern financial system and modern financial functions. It is an important part of enriching the connotation of modern finance.
(4) Clearing mode:
Generally speaking, the time for funds to stay in a third-party payment company will not be too long. Now it is mainly divided into T+1, T+2, and T+3 settlement methods. Note: T+ first mode, that is, same-day transaction, you can withdraw money the next day after connecting to the merchant. "T"" refers to the transaction day, and ""T+1" refers to the day after the transaction day. Similarly, withdrawal on t+2 refers to the second day of the trading day, and withdrawal on t+3 refers to the third day of the trading day.