Cross Border Electricity Supplier Supervision Of The Third Party Payment Can Not Have Blind Spots.

China's cross-border online shopping market has been growing rapidly in recent years. According to Alipay data, last year, the consumption of cross-border consumption of Alipay's "Hai Tao" increased by 106% over the same period last year. China e-commerce research center data show that in 2012, the scale of overseas purchasing transactions was 48 billion 300 million yuan, and at the end of September last year, the first batch of 17 pilot licenses for cross-border electricity supplier foreign exchange payment business were issued. After third party payment agencies could justifiably carry out cross-border payment business, the scale of cross-border Internet shopping market exceeded 85 billion. With the rapid growth of the Internet's new cross-border e-commerce, the demand for cross-border payment by enterprises and consumers has also increased exponentially.

At present, there are two main types of cross-border payment in China: one is the third party payment enterprises within the territory, such as Alipay, fortune paid, etc., all of which are approved by the foreign exchange administration; and the two is the overseas payment enterprises that provide global online payment and payment, such as PayPal. According to the statistics of the foreign exchange bureau, in the total scale of the cross-border third party payment market in China, Paypal accounts for 70%, and domestic banks which cooperate with international card organizations account for 20%, and the third party payment institutions only account for about 10%. Up to the end of the first quarter of this year, 250 Central Bank (micro-blog) licences had been granted to third party payment institutions, of which 22 were granted cross-border payment business licenses, including the three party payment institutions such as UnionPay, Alipay, La Carla, communications, fast cash, and fortune paid.

However, in the rapid development of cross-border e-commerce, China's relevant policies and regulations failed to follow up in time, making it difficult to guide and promote business development. Specifically, there are deviations in management concepts and unclear management ideas. The third party payment enterprises' positioning is still not clear in three aspects. As a result, in the development of cross-border e-commerce business, there are "heavy restrictions", "light support", "strict supervision within the territory, loose overseas" in institutional supervision, "emphasis on individual and a little system" in risk supervision, and deviation from "micro planning and slightly planning" at the strategic level. Over the past year, the central bank has issued a draft for the management of Internet payment, prepaid card payment, bank card collection and so on. In terms of cross-border payment, there are no regulatory rules yet.

Moreover, the supporting laws and regulations of relevant departments are not perfect. Tax, customs and other departments did not establish matching cross-border e-commerce development measures. In accordance with the tax law of China, all transactions engaged in taxable goods and services must be taxed, and online transactions are also included. However, because the current tax system is not enough for effective supervision of e-commerce, the tax collection and management of online transactions are basically missing. For example, in customs clearance, if the general trade declaration is exported, the cost of each ticket declaration, inspection and quarantine can reach up to 100 yuan, which is a "high" cost for cross-border e-commerce which is characterized by short cycle, lots of batches, small batch size and small amount of single vote. Therefore, a large number of cross-border trade e-commerce goods are declared in the form of postal delivery, no formal customs declaration and inspection procedures, so that e-commerce enterprises can not enjoy the tax rebate policy. In addition, the goods declared and exported in the form of postal articles and express goods are not included in the customs statistics, and also affect the accuracy of Customs Trade Statistics.

The third party payment enterprises do not belong to the financial institutions, but they bear similar responsibilities in the cross-border revenue and expenditure. They are both the executors of financial policies and the supervisors of transaction behavior. Their cross-border businesses urgently need to be regulated by laws and regulations.

Drawing on international experience, too loose or too strict regulatory measures are not conducive to the third party cross-border payment business development and innovation. Therefore, the best way of supervision is to accurately understand the new trends, new risks and new needs of the industry development, and formulate updated policies and regulations in time.

From the perspective of development trend, the form of international trade will be transformed rapidly from B2B to B2C and C2C in the next few years. Cross border small transactions will become a service that everyone can enjoy at any time, and the cross-border business of the third party payment agencies will also explode. The rapid growth of cross-border e-commerce and cross-border payment will have a greater impact on China's economic and financial sectors. Behind the rapid development of the whole industry will be white hot competition. On the one hand, the competition between the third party payment institutions and the traditional payment institutions such as banks, on the other hand, the competition among the third party payment institutions, including the competition among the third party payment institutions, and the competition between the third party payment institutions and foreign agencies. Therefore, there is an urgent need to formulate regulatory norms for the third party cross-border payment industry, and promote the healthy growth of the whole industry. As far as we can see, the third party cross border payment industry regulation should include at least four aspects:

First, relax business restrictions and increase support. The third party payment institutions are allowed to cooperate directly with overseas banks to collect overseas documents, allowing the third party payment agencies to expand their business to purchase air tickets, education and other fields. The third party payment institutions are allowed to set up foreign currency exchange institutions or exchange points to handle foreign currency exchange for individuals. Relaxation of the single transaction limit for cross-border payments increased from 30 thousand US dollars to US $200 thousand. The total annual foreign exchange purchase will be increased to US $100 thousand. Support overseas large third party payment institutions in the domestic website purchase tickets, hotels, mobile phone software, game virtual goods and other services. There is no single transaction limit for domestic individuals to purchase goods and services from overseas websites.

Second, to promote the internationalization of RMB (6.2354, 0.0019, 0.03%) and encourage the third party payment agencies to carry out cross-border payment of RMB. It is clear that the third party payment institutions should carry out the RMB cross-border settlement qualification, and encourage the third party institutions to serve small and medium-sized export enterprises. Allow third parties to handle RMB and foreign currency settlement, settlement and balance of payments declaration. Third party organizations are allowed to expand their overseas acquirer business to the field of service trade. Allow third parties within the territory to cooperate with overseas payment institutions to replace bank card availability verification or authentication. The third party payment institutions are allowed to open renminbi and foreign currency reserve accounts in domestic banks and foreign financial institutions respectively.

Third, improve the third party payment cross border e-commerce management statistics system as soon as possible. Payment agencies should regularly report to the central bank and foreign exchange bureaus on cross-border capital exchanges between Renminbi and foreign currencies. The third party payment enterprises should establish a customer identity recognition system, a customer identity data and transaction record preservation system, and a business management system such as settlement and sale management, international balance of payments declaration and so on. Strengthen the management of cross-border payment transactions on the Internet. Online shopkeepers who set up cross border sales on the Internet must handle personal foreign exchange settlement accounts and enforce the management regulations of individual foreign exchange settlement accounts. The third party payment enterprises strictly implement the statistical monitoring system of the foreign currency receipts and payments information, and provide transaction information to the banks truthfully and accurately.

Fourth, build cross border e-commerce information exchange platform. Specifically, industrial and commercial, commercial, central bank and customs departments jointly build cross border e-commerce information interaction platform, and guide the third party payment institutions to bring online trading orders, logistics and capital information into the platform to facilitate cross sectoral comparison among departments. The payment institutions should take necessary measures to strengthen the monitoring and auditing of abnormal transactions to ensure that there is a real transaction background for customers' centralized business and keep information for future reference. It is necessary to verify the abnormal transactions in large quantities and establish a spot check mechanism for the authenticity of trade in goods.