A Study of Third-party Online Payment: Risk Control and Supervision Analysis

In recent years, with the continuous development of E-commerce, the third-party online payment pattern is gaining increasingly popularity among users. Characterized by its convenience, high-credibility and safety, it has become the mainstream pattern of online payment. With its rapid development, the third-party online payment has drawn more and more attention among people from all circles. And the focus of the attention is on the risks of using this platform. In this paper, the author introduces the present development status of the third-party online payment. On the basis of that, the paper focuses on the risk analysis and supervision in the process of operation by employing scenario analysis and list technique. In order to prevent and control risks in the third-party online payment, we should study the third-party online payment market thoroughly and take all aspects into consideration. It will shape a healthy and stable development trend only when all parties related work cooperatively

Research on The Issue of Payments in The Cross-Border E-Commerce

Cross-border e-commerce is the combination of “Internet+” International Trade, which shorten the distance between products and market in time and space, and promote trade development. While cross-border payment services play an important role in cross-border e-commerce, once the payment services is not successful, it means we are unable to make a deal, so, it pushes the completion of cross-border e-commerce transactions. This paper researches the concept of cross-border e-commerce and cross-border payment, and develops a model to describe current situation of China’s cross-border payment business, summarizes the domestic and foreign cross-border e-commerce platform to solve cross-border payments service solutions. Finally, we analyze the opportunities and challenges of Xi\u27an city facing e-commerce cross-border payment, and proposes solutions

AN ANALYSIS ON THE MOBILE PAYMENT INDUSTRY IN CHINA AND ITS IMPLICATIONS TO MALAYSIA

Internet which is one of the most transformative and fast-growing technologies has become an integral part of our lives. Globally, the number of Internet users increased from only 413 million in 2000 to over 4.5 billion as of June 2019, with the Internet users from Asia Pacific made up the major market share. Owing to changing lifestyle and rapid growth in E-commerce, this trend is expected to continue over for subsequent many years especially in China. China’s mobile payment transaction volume has reached 190.5 trillion Yuan in 2018, with a year-on-year growth rate of 58.4% due to its advantages of security, stability and convenience. Meanwhile, Malaysia which represents one the fastest growing mobile payment market in the world, has its mobile payment usage skyrocketed in the last five years reaching a staggering 40 billion ringgit. Since 2005, the year when Central Bank of Malaysia liberalized its policy by permitting non-banking institution to provide mobile payment service, there were only 1billion ringgit spent via 365.6 million transactions. 13 years later, the transaction volume has increased to 11 billion ringgit with 1.92 billion transactions made. This implies that there is a huge development opportunity of mobile payment industry in Malaysia and the biggest mobile payment industry in the world, China can be a development model for further growth of this industry in Malaysia.  Besides analyzing the current development of the mobile payment industry in China at the beginning of this paper by carrying out life cycle analysis, this paper also studies the influencing factors and challenges of mobile payment in China. Moreover, a comparison of the industry in both China and Malaysia has been drawn out by using PEST analysis. Lastly, the author also proposed the measures and suggestions for enhancement of mobile payment industry in Malaysia

Regulation of Digital Financial Services in China: Last Mover or First Mover?

Since 1979, China has made tremendous progress in its transformation to a socialist market economy. As part of this process, China’s financial system has evolved to one characterised by a high degree of marketization. At the same time, China today faces new challenges to growth and development, particularly from the necessity of restructuring its economy to focus increasingly on innovation and away from government led investment and low wage labour. In the context of digital financial services, China has been a late mover but this has changed dramatically in the past five years, to the point today where China is one of the major centres for digital financial services and financial technology (“fintech”). Looking forward, China needs to provide an appropriate regulatory basis for the future development of digital financial services and fintech, balancing growth and innovation with financial stability. China today is exhibiting signs of a last mover advantage in this respect that may see it leaping regulatory developments elsewhere.postprin

Developing Future Smart Parking Solutions for Hangzhou\u27s IoT Town

With help from the Smart Cities Research Center of Zhejiang Province, this project aimed to assess and improve current smart parking solutions in Hangzhou, China. The team consulted industry experts and research students to gauge the direction of smart technology applicable to future parking solutions. The team analyzed results from interviews, customer surveys, and observations to infer needs for improved user experience. Research performed on future technologies allowed the team to offer a system framework recommendation with modern smart parking features for a characteristic town in Hangzhou. The project team discovered that a future smart parking system could integrate 5G, High-Frequency RFID, and non-contact payment methods to address the shortcomings of current smart parking systems

Payments Failure

The processing of retail payments traditionally has been the domain of regulated banks, but technologically sophisticated players like Venmo, AliPay, Bitcoin, and Ripple, and potentially, Facebook’s Libra, are making incursions into the market. Even within regulated banks, payments processing is becoming increasingly reliant on new technologies—JPMorgan Chase’s “JPMCoin” is just one example. Limited attention, however, has been paid to the new kinds of operational risks associated with these methods of processing retail payments. This Article argues that technological failures at a payments provider—either a bank or non-bank—could be amplified in unexpected ways as such failures interact with technological failures at other payments providers. In a worst-case scenario, a cascading failure of payments technologies could cause significant parts of the retail payments system to shut down—an eventuality that would harm the broader economy if people were unable to transact for a prolonged period of time. This Article is the first to raise the possibility of a financial crisis precipitated primarily by operational failures. Such a crisis would look more like a rolling blackout than a bank run. Because of this possibility, this Article argues that it is insufficient to approach the risk of payments failure with a purely prudential strategy. This Article therefore makes the case for a complementary “macro-operational” approach to regulation, rooted in complexity theory, to deal with the possibility that the systemic interactions of operational risks could hobble our retail payments system—and the broader economy. Using this framework, this Article analyzes the potential threats posed by different technologies and business models to the orderly functioning of our retail payments system. Further, this Article suggests the beginnings of what proactive macro-operational regulation of the retail payments system might look like

Security Risk Tolerance in Mobile Payment: A Trade-off Framework

Security is identified as a major barrier for consumers in adopting mobile payment. Although existing literature has incorporated security into the Technology Acceptance Model (TAM), the Unified Theory of Acceptance, and the Use of Technology (UTAUT) and it has investigated the way in which security affects consumers’ acceptance of mobile payment, security is a factor only in diverse research models. Studies of mobile payment that focus on security are not available. Additionally, previous studies of mobile payment are based on Direct Carrier Billing- (DCB)-based mobile payment or Near Field Communication- (NFC)-based mobile payment. The results regarding security might not be applicable to Quick Response (QR) code-based mobile payment, the format that has become prevalent in recent years. As such, this study focuses on security of using mobile payment and develops a benefit-cost appraisal and a trade-off framework by integrating the Theory of Reasoned Action (TRA), the Theory of Planned Behavior (TPB), the Protection Motivation Theory (PMT), and the Rational Choice Theory (RCT). Particularly, this study introduces security risk tolerance into mobile payment study and sets it as the dependent variable. This study proposes that consumers’ security risk tolerance is shaped by their benefit-cost appraisal and their tradeoff process, regarding the use of mobile payment. Based on an online survey that collected data from 324 respondents in China, this study empirically tests and validates the research model. The findings suggest that consumers’ perceived benefit in using mobile payment is positively related to their security risk tolerance, whereas their perceived cost of using mobile payment is negatively related to their security risk tolerance. Convenience, safety, and savings positively affect consumers’ perceived benefit. The security threat positively affects consumers’ perceived cost. Payment tradition moderates consumers’ benefit-cost appraisal and trade-off process, but normative beliefs do not have a significant moderating effect. Self-efficacy only moderates the relationship between consumers’ perceived cost and their security risk tolerance. This study finds that males and females complete their benefit-cost appraisal and their trade-off process regarding security of using mobile payment very similarly. Gender differences only exist in the relationship between savings and consumers’ perceived benefit of using mobile payment