Chinese Electronic Payment Law Is On The Way!

Online, March 8, 2012 (Newswire.com) - China' deputy to the National People's Congress suggests to make Electronic Payment Law

At present in China, even though it is all available to utilize mobile payment to buy movie tickets, subway tickets and pay the utility fees, there still exist some hidden risks in the mobile payment such as the not so strong enough transaction security and not so high transaction integrity. Faced with these problems, the deputy to the National People's Congress, Xu Long, who is also general manager of China Mobile Guangdong Province Branch, suggested that it is time to make Electronic Payment Law in China as soon as possible in order to promote the healthy development of the of e-commerce.

With the continuing integration of mobile communications and internet technology, electronic payments, or mobile payment in particular, are playing an important role in the current economic and social life. Surfing the internet through mobile phones could not only help the mobile users look up their balance inquiries and manage the accounts, but also realize the shopping payment, mobile games recharge, telephone expenses recharge and also the supports for the payments of public utilities of water, electricity, gas, communications and other.

As to the advantages of electronic payment, Xu Long, the deputy to the National People's Congress and also general manager of China Mobile Guangdong Province Branch, said that electronic payment has incomparable advantages compared with the traditional means of payment. It is not only convenient, timesaving and could also reduce transaction costs and reduce cash flow, improve the transparency of transactions. However, problems such as the not high transaction integrity, not strong enough transaction security, not so broad legal protection, and the not so strict competition order and also the not so strong enough anti-money laundering awareness also exist. Only through scientific legislation and national-level laws and regulations, can the transaction security be ensured and the healthy development of e-commerce be promoted in China.

China's laws and regulations on electronic payment are the only several such as Electronic Signature Law, Electronic Payment Guidelines, Non-Financial Institutions Payment Management Approaches and its Application Rules, the Electronic Banking Business Management Approach, E-banking security Assessment Guidelines. Xu Long said that these laws and regulations have the problems of the legislative level is not high, the legal system is incomplete, and implementation of effectiveness is not strong. Right now, in the world the major countries, regions and international organizations have put in place legal norms for electronic payments, in which the more representative ones are US's Electronic Fund Transfer Act, Uniform Electronic Transactions Act, EU's European Electronics Business Proposal and UK's 2002 e-commerce rules. Some of the successful practice of electronic payment could also provide a useful reference in the formulation of electronic payment laws and the improvement of e-commerce's legal system.

Xu Long suggested that the Electronic Payment Law of People's Republic of China should be made as soon as possible. In the new law, all the electronic payment activities should be regulated effectively from the legislative purpose, the scope of the basic principles of online payment solution (http://www.globebill.com), the definition of electronic payment, the types of electronic payment, regulatory authorities, the main electronic payment, electronic payment approval and certification and other sides. This will help to promote the healthy and orderly development of China's e-commerce industry and also to promote harmonious and sustainable development of the economy and society of China.