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Online Payment in China at Present: Impetus, Risk Assessment and Supervision

In: The New Cycle and New Finance in China

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  • Shusong Ba

Abstract

Known for its convenience and efficiency, the online payment service provided by non-financial institutes has seen a rapid development over the past ten years. It enriches the traditional payment service system dominated by commercial banks and makes changes happen in the system. But it also brings forth new risk factors, distribution patterns and correlations. This report looks into the security of online payment in China and gives advice about how to reduce online payment risks on the basis of the goals of supervision: (1) The development of safe environment for online payment should be pushed ahead mainly by governmental supervision departments, and the effort should be enhanced to prevent fraud and the unfavorable influence of network environment on online payment security; (2) the whole sector’s capacity of risk prevention and control on the basis of cooperation in the industrial chain should be enhanced to address the unlawful activities involving basic relationship and to eliminate the influence of supporting environment absence on online payment safety; (3) the risk management mechanism centering around online payment agencies should be enhanced to address the influence of inappropriate internal management of the agencies.

Suggested Citation

  • Shusong Ba, 2022. "Online Payment in China at Present: Impetus, Risk Assessment and Supervision," Springer Books, in: The New Cycle and New Finance in China, chapter 0, pages 199-209, Springer.
    • Handle: RePEc:spr:sprchp:978-981-16-8209-4_25
    DOI: 10.1007/978-981-16-8209-4_25
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    Keywords

    Online payment; Risk management;

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