Proceedings of the 2022 7th International Conference on Financial Innovation and Economic Development (ICFIED 2022)

Compare the Differences Between Overseas Payment Platforms and Domestic Third Party

Authors
Yuquan Zhao1, , Rui Zhang2, *, , Longji Huang3,
1Noic Academy, Ontario, L3S 2H4, Canada
2Hefei No.8 High School, Hefei, 230000, China
3Fujian Quanzhou Foreign Language School, Quanzhou, 36200, China

These authors contributed equally

*Corresponding author. Email: guidance@neworientalgroup.org
Corresponding Author
Rui Zhang
Available Online 26 March 2022.
DOI
https://doi.org/10.2991/aebmr.k.220307.180How to use a DOI?
Keywords
The third-party payment; Alipay; Paypal; Wechat; Digital currency
Abstract

In the third-party payment mode, after purchasing goods, the buyer uses the account provided by the third-party platform to make payment for goods, and the third party notifies the seller of the arrival of payment for goods and requires delivery. The buyer shall notify the third party of payment after receiving the goods, inspecting the goods, and confirming them. The third party will transfer the money to the seller’s account. At present, third-party payment platforms have been applied in various countries around the world. Even though different companies have launched third-party payment platforms with similar features, users have different choices. The paper aims to analyze the drivers of third-party payment platforms and to compare the similarities and differences between the mainstream third-party payment platforms in China and the West. This study also analyzes the impact and outlook for third-party platforms in today’s digital currency era. At the same time, it points out the risks of today’s mobile payment platforms and jointly gives suggestions for improvement to developers and governments. It suggested that the supervision of China’s third-party payment platform will become more reasonable and strict.

Copyright
© 2022 The Authors. Published by Atlantis Press International B.V.
Open Access
This is an open access article under the CC BY-NC license.

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Volume Title
Proceedings of the 2022 7th International Conference on Financial Innovation and Economic Development (ICFIED 2022)
Series
Advances in Economics, Business and Management Research
Publication Date
26 March 2022
ISBN
978-94-6239-554-1
ISSN
2352-5428
DOI
https://doi.org/10.2991/aebmr.k.220307.180How to use a DOI?
Copyright
© 2022 The Authors. Published by Atlantis Press International B.V.
Open Access
This is an open access article under the CC BY-NC license.

Cite this article

TY  - CONF
AU  - Yuquan Zhao
AU  - Rui Zhang
AU  - Longji Huang
PY  - 2022
DA  - 2022/03/26
TI  - Compare the Differences Between Overseas Payment Platforms and Domestic Third Party
BT  - Proceedings of the 2022 7th International Conference on Financial Innovation and Economic Development (ICFIED 2022)
PB  - Atlantis Press
SP  - 1093
EP  - 1098
SN  - 2352-5428
UR  - https://doi.org/10.2991/aebmr.k.220307.180
DO  - https://doi.org/10.2991/aebmr.k.220307.180
ID  - Zhao2022
ER  -