Electronic payment refers to the behavior that consumers, businesses and financial institutions use secure electronic means to securely transmit payment information to banks or corresponding processing institutions through information networks to realize currency payment or capital flow.
In the 1990sinternetIt is rapidly becoming popular, gradually moving from universities and scientific research institutions to enterprises and families. Its function has also evolved from information sharing to a popular means of information dissemination, and commercial trade activities have gradually entered this kingdom.through the use ofInternet, which not only reduces costs, but also creates more business opportunities,E-commerce technologyAs a result, it has gradually become the biggest hotspot of Internet applications.In order to adapt to the market trend of e-commerce, electronic payment has developed.[1]
In October 2005, the People's Bank of China published the Guidelines for Electronic Payment (No. 1), which stipulates that "electronic payment refers to the act of units or individuals directly or authorizing others to send payment instructions through electronic terminals to realize currency payment and fund transfer.The types of electronic payment can be divided into online payment, telephone payment, mobile payment, point of sale terminal transaction, ATM transaction and other electronic payments according to the mode of sending electronic payment instructions. "In short, electronic payment meansElectronic transactionsThe parties involved, including consumers, manufacturers and financial institutions, use secure electronic payment means to make monetary payments or fund flows through the network.Electronic payment isE-commerce systemAn important part of.
Payment Agreement
Announce
edit
1. SSL (Secure Sockets Layer).The SSL protocol layer includes two protocol sublayers, the SSL recording protocol and the SSL handshake protocol.The basic feature of SSL recording protocol is that the connection is dedicated and reliable.The basic feature of SSL handshake protocol is that it can authenticate the identity of both communication parties, and the secrets of both parties are secure and the negotiation is reliable.
2. SET (Secure Electronic Transaction).SET protocolThe objectives of the operation include ensuring the safe transmission of information on the Internet, ensuring the mutual isolation of e-commerce participants' information, and resolvingOnline authenticationProblems, ensure the real-time of online transactions, standardize protocols and message formats.The SET protocol involves consumers, online stores, acquiring banks, electronic currency issuers and certification centers (CA).
Development stage
Announce
edit
Comparison between electronic payment and traditional payment
The first stage of the development of electronic payment is that banks use computers to process business between banks and handle settlement.
The second stage is the settlement of funds between bank computers and computers of other institutions, such as payroll and other businesses.
The third stage is to use network terminals to provide customers with various banking services, such as self-service banking.
The fourth stage is to use bank sales terminals to provide customers with automatic deduction services.
The fifth stage is the latest stage, that is, Internet based electronic payment. It integrates the fourth stage of electronic payment system with the Internet to realize direct transfer and settlement through the Internet at any time and anywhere, forming an e-commerce transaction payment platform.
Payment type
Announce
edit
The business type of electronic payment is divided into online paymentTelephone payment, mobile payment, POS terminal transaction, ATM transaction and other electronic payment.
Online payment
Online payment is a form of electronic payment.In a broad sense, online payment is based on the Internet and uses a digital financial tool supported by banks to conduct financial exchange between buyers and sellers, so as to realize online currency payment, cash flowFund clearing, query statistics, etcE-commerce serviceAnd other services.
Telephone payment
Telephone payment is an offline realization form of electronic payment, which means that consumers can use telephone (fixed line telephone, mobile phone, PHS) or other terminal devices of similar phones to access personal banking through the banking systemaccountDirect payment.
mobile payment
Mobile payment is a new kind of payment method that uses mobile devices to complete payment behavior through wireless means.The mobile terminals used for mobile payment can be mobile phones, PDAs, mobile PCs, etc.
Payment instrument
Announce
edit
A payment transaction can be initiated through paper-based or electronic payment instruments.
Electronic payment flow chart
Some payment instruments can be initiated either in paper or electronically.For example, credit transfer can be used to fill in documents at the bank counter and authorize payment by means of signature/sealOnline Banking ServiceFunctions are authorized and initiated electronically;For example, bank cards can be authorized by signing on paper, or initiated at the terminal (POS/ATM) by swiping the card and password.
Payment transactions can be carried out by combining paper-based and electronic steps, such asCheckIt can be intercepted and processed electronically. The difference of interception location and time (such as at POS or exchange center) reflects the difference of the degree of electronization.
Payment transactions can also include cash and non cash steps, such as the payer initiating with a bank depositRemittance, and the recipient withdraws in cash.
With the development of computer technology, there are more and more electronic payment tools.These payment instruments can be divided into three categories:
electronic moneyClass, such as electronic cash, electronic wallet, etc;Electronic credit cardClass, including smart card, debit card, telephone card, etc;Electronic check, such as electronic check, electronic remittance (EFT), electronic transfer, etc.These methods have their own characteristics and operation modes, which are suitable for different transaction processes.The following is an introduction to electronic cash, electronic wallet, electronic check and smart card.
Electronic cash
Electronic cashE-Cash is a currency circulating in the form of data.It converts the cash value into a series of encrypted serial numbers, which represent the market value of various amounts in reality. After users open an account in the bank that conducts electronic cash business and deposit money in the account, they can shop in the store that accepts electronic cash.
Wallet
E-wallet is one of the most commonly used online shopping customers in e-commerce activitiesPayment instrument, is a new type of wallet commonly used in small purchases or small commodities.
WalletIt has always been a hot topic in the development of e-commerce activities in countries all over the world, and also an important tool to achieve global electronic transactions and Internet transactions. Many countries around the world are establishing electronic wallet systems to replace the cash transaction model, and China is also developing and developing electronic wallet service systems.Shopping with electronic wallet usually needs to be done in the electronic wallet service system.The software of e-wallet in e-commerce activities is usually provided free of charge, and you can directly use the e-commerce system connected to your bank accountThe serverThe electronic wallet software on the Internet can also be directly called out from the Internet for use, and the electronic wallet software on the Internet can be used in various confidential ways.There are two major wallet service systems in the world: VISA cash and Mondex. Other wallet service systems include HP's electronic payment application software (VWALLET)MicrosoftMS Wallet, IBM's Commerce Point Wallet, Master Card cash, Euro Pay's Clip andBelgiumProton, etc.
Electronic check
(Electronic Check, E-check or E-check)
Electronic checkIt is an electronic payment form that uses the advantages of paper check transfer payment to transfer money from one account to another by digital transmission.The payment of such electronic checks is delivered by password on the network connected with merchants and banks. Most of them use public key encryption signature or personal identity card number (PIN) instead of handwritten signature.
Electronic check payment is the most efficient because of its low transaction processing cost and the bank's ability to provide standardized capital information for merchants participating in e-commerceMeans of payment。
smart card
Smart cards were introduced in France.In the mid-1970s, Roland Moreno, a French company, took the lead in developing an IC memory card by installing an embedded memory chip on a plastic card the size of a credit card.After more than 20 years of development, the real smart card, that is, the IC card with embedded micro controller chip on the plastic card, has been developed fromMotorolaAnd Bull HN in 1997.
In the United States, people use ATM cards more often.smart cardThe difference between ATM card and ATM card is that they store information through embedded chip and magnetic stripe respectively.However, due to the large amount of information stored in smart cards, the wide range of information stored, and good security, it has gradually attracted people's attention.It is predicted that the proportion of smart card use in the United States in the world will increase from 2% to 20% by 2001.According to a report released by Jupiter Communication Company in New York, the turnover of Internet commerce in the United States is expected to reach 7.3 billion dollars in 2000, of which almost half will be paid by smart cards, electronic cash and electronic checks.
In the past 15 years, China's national gold card project has made remarkable achievementsOrganization codeManagement and many other fields are widely used, such asSecond generation resident ID cardIndustrial IC card applications such as (card), social security IC card, urban traffic IC card, telephone IC card, three meter (water and electricity) IC card, and consumer IC card have penetrated into all aspects of people's lives, and have achieved good social and economic benefits. This has improved the modern management level of various industries and local governments, changed people's life patterns, and improved the quality of life,The informatization process of the national economy and society has played an important role.
In 2006, the overall scale of China's IC card market showed a trend of rapid growth. The annual sales of enterprise cards exceeded 1.6 billion, the highest in the past years, and increased by 55% compared with 1.08 billion in the previous year. It is estimated that the global IC card shipments in the same period will be about 3 billion, and China will account for more than half of them, indisputably becoming the manufacturing center of global IC cards.
Payment process
Announce
edit
The payment process includes the initiation of payment, the exchange and clearing of payment instructions, and the settlement of payment.
Clearing refers to the sending, reconciliation and confirmation of payment instructions before settlement, and may also include the netting of instructions.
Netting refers to the hedging of various balances or liabilities between trading partners or participants to generate the final balance of settlement.
Settlement refers to the settlement of debts related to payment transactions between two or more parties.
Strictly speaking, clearing and settlement are different processes, and the purpose of clearing is settlement.But in someFinancial systemThere is no strict distinction between clearing and settlement, or clearing and settlement occur at the same time.
Developments
Announce
edit
Safety locking
2005 is called the first year of China's electronic payment. This year, China's electronic payment market grew at a high speed, and many electronic payment laws and regulations were also improved. China's electronic payment achieved a leap forward growth.In 2006, the electronic payment industry still maintained rapid growth,Online paymentThe emergence of various payment forms such as mobile payment, telephone payment and so on has accelerated the pace of the development of the entire industry. In enterprise business settlement, electronic payment has a higher utilization rate than other transaction settlement forms, which has exceeded 60% in some enterprises.Cash on Delivery、Postal Remittance, bank wire transfer and other traditional forms still have some loyal users, accounting for 39.4%, 12.3% and 6% respectively.
China in the first quarter of 2007Third party paymentThe market transaction volume reached 16 billion yuan, an increase of 33.3% over the previous quarter, and more than four times over the same period in 2006.In the second quarter of 2007, Internet payment (independent) in China's third-party electronic payment market reached 11.514 billion yuan, and Internet payment (independent) reached 5.205 billion yuanMobile payment339 million yuan and 76 million yuan for third-party telephone payment.In the third quarter of 2007, the scale of China's third-party electronic payment market was mediumAlipayRanked first with 47.10% market share, TencentTenpayRanked second with 18.00% market share,China UnionPayElectronic payment ranked third with 13.30% market share.The total transaction volume of China's third-party electronic payment market reached 22.924 billion yuan in the fourth quarter of 2007.In the third-party electronic payment market, Alipay, Chinapay and Tenpay rank among the top three in terms of transaction volume.
The total transaction volume of China's third-party electronic payment market reached 45.467 billion yuan in the first quarter of 2008.Among them, Internet payment reached 41.759 billion yuan, third-party mobile payment reached 3.52 billion yuan, and third-party telephone payment reached 188 million yuan.In the second quarter of 2008, it reached 53.989 billion yuan, up 19% month on month.Among them, Internet payment reached 50.512 billion yuan, third-party mobile payment reached 3.281 billion yuan, and third-party telephone payment reached 196 million yuan.It reached 66.199 billion yuan in the third quarter of 2008,Month on month growth rate23%, also higher than the month on month growth rate of 19% in the previous quarter.Among them, Internet payment reached 62.358 billion yuan, third-party mobile payment reached 3.625 billion yuan, and third-party telephone payment reached 216 million yuan.
By the end of 2019, the country had 8.06 bank accounts per capita, up 11.63% year on year;6.01 bank cards per capita, up 10.48% year on year;89.90% of adults nationwide have active accounts, 1.26 percentage points higher than the same period last year, and 83.37% of adults in rural areas have active accounts, 1.12 percentage points higher than the same period last year.
The popularity of electronic payment continues to increase, and more than 80% of adults use electronic payment.The data shows that the proportion of adults using electronic payment nationwide is 85.37%, 2.98 percentage points higher than the previous year;The proportion of adults in rural areas using electronic payment was 76.21%, 4.06 percentage points higher than the previous year.[2]
On March 20, 2023, the People's Bank of China released data showing that in 2022, the Bank of China handled a total of 462.649 billion non cash payment businesses, with an amount of 480.577 trillion yuan, up 5.27% and 8.84% year on year respectively.[3]
Payment characteristics
Announce
edit
Compared with traditional payment methods, electronic payment has the following characteristics:
1. Electronic payment uses advanced technology to complete information transmission through digital circulation, and its various payment methods are paid through digital means;The traditional payment method completes payment through physical entities such as cash flow, bill transfer and bank exchange.
2. The working environment of electronic payment is based on an open system platform (i.e. Internet);The traditional payment is operated in a relatively closed system.
3. Electronic payment uses the most advanced means of communication, such as Internet and Extranet, while traditional payment uses traditional communication media;Electronic payment has high requirements for software and hardware facilities, generally requiring networked computers, related software and other supporting facilities, while traditional payment does not have such high requirements.
4. Electronic payment has the advantages of convenience, rapidity, efficiency and economy.As long as users have a PC connected to the Internet, they can complete the entire payment process in a very short time without leaving their home.The payment fee is only one tenth, or even one hundredth, of the traditional payment.
In e-commerce, the payment process is a very important link in the entire business activities, and it is also the business process with the highest requirements for accuracy and security in e-commerce.The capital flow of electronic payment is a business process, not a technology.However, many technical problems will be involved in the process of electronic payment activities.
Control regulations
Announce
edit
The information security standards, technical standards, business standards, etc. adopted by banks to conduct electronic payment business shall comply with the relevant provisions.
The bank shall establish an effective management system for risks related to electronic payment business activities.
The Bank shallPrudence principleAnd for different customers, make reasonable restrictions on electronic payment type, single payment amount and daily cumulative payment amount.
The bank handles electronic payment business for individual customers through the Internet. In addition to using digital certificates, electronic signatures and other security authentication methods, the single amount should not exceed 1000 yuan, and the daily cumulative amount should not exceed 5000 yuan.
The bank handles electronic payment business for the customer, and the unit customer pays from its bank settlement account toPersonal bank settlement accountThe amount of a single payment shall not exceed 50000 yuan, unless the bank and the customer agree through agreement that they can provide effective payment basis in advance.
The bank shall set the limit for online payment transaction within the credit line of the customer's credit card for the customer to choose, but the limit shall not exceed the cash advance limit of the credit card.
The bank shall ensure the security of the electronic payment business processing system, ensure the non repudiation of important transaction data, the integrity of data storage, the authenticity of customer identity, and properly manage the password, key and other authentication data used in the electronic payment business processing system.
The bank's use of customer information, transaction records, etc. shall not exceed the scope of laws and regulations and customer authorization.
The bank shall keep confidential the customer's information and transaction records according to law.Unless otherwise stipulated by national laws and administrative regulations, the bank shall refuse any inquiry from any unit or individual other than the customer himself.
The bank shall agree with the customer to provide the customer with transaction records, fund balance, account status and other information in a timely or regular manner.
Banks should take necessary measures to protect the integrity and reliability of electronic payment transaction data.
The bank shall take necessary measures to keep the electronic payment transaction data confidential.
The bank shall ensure reasonable authorization control over the operators, managers and system service providers of the electronic payment business processing system:
A bank may outsource part of its electronic payment business to a legitimate professional service agency according to relevant regulations, but the bank's obligations and corresponding responsibilities to customers will not be transferred due to the establishment of the outsourcing relationship.
The bank shall sign an agreement with professional service institutions related to electronic payment business, and establish a set of comprehensive and continuous procedures to manage its outsourcing relationship.
If banks use digital certificates or electronic signatures for customer identity authentication and transaction authorization, it is recommended that legitimate third-party certification agencies provide authentication services.If the client suffers losses due to trading based on the certification service, the certification service agency shall bear corresponding liabilities according to law if it cannot prove that it is not at fault.
Information processing and capital clearing of RMB electronic payment transactions occurred in China shall be completed in China.
The bank's electronic payment business processing system shall ensure that the electronic payment transaction information is completely recorded and disclosed in accordance with relevant laws and regulations.
The bank shall establish a reporting system for major events in the operation of electronic payment business, and report to the regulatory authority in a timely manner any event that endangers the security during the operation of electronic payment business.
