A Legal Research on Mobile Payment Service

• Main Authors: TSENG, CHIH-LING, 曾志凌
• Other Authors: LIN,YU-TING
• Format: Others
• Language: zh-TW
• Published: 2016
• Online Access: http://ndltd.ncl.edu.tw/handle/09300057242586068757

碩士 === 東吳大學 === 法律學系 === 104 === Along with the trend of globalization, technological advancements, popularity of Internet, financial liberalization and knowledge-based economy, the payment industry is on the edge of change and encounters the wave of “Bank 3.0” or “Big Data”. Gradually, our life is affected by the above changes. We consume on our own initiative to satisfy our desires, and eagerly need more safe and convenient payment tools. Besides, the form of currency is transformed from material money, credit money, to e-money. It is a tendency that the digit-based and pre-paid currency are in full swing to replace paper-based currency. Such changes modify our behaviors of payment toward digitization and mobility. Eventually, the mobile payment service would become the fashion and change the pattern of consumption. With the driving force, the payment industry would be more diversified and deeply influence our daily life. In Taiwan, there are more than 30 players from various industries, such as the finance, telecommunication, retail and e-commerce, which devote in mobile payment market. Nevertheless, official statistics indicate that mobile payment only accounts for 1% of personal consumption expenditure of approximately NT$ 8.5 trillion a year. Moreover, offline mobile payment sales volume simply takes up 2% of all mobile payment. Obviously, mobile payment is still at the preliminary stage. Financial authorities will impose any policies so as to increase the ratio of electronic payments over personal consumption expenditure, a.k.a. PCE ratio. The 5-year objective of increase PCE ratio from 26% to 52% leaves much room for all the involved participants to improve the environment of mobile payment consumption. In this paper, the definition of mobile payments and related technology are first introduced, and then the business models of financial disintermediation are reviewed. Through strategic alliance of financial and non-financial institutions¸ the main participants of mobile payments have achieved a cross-industry synergy and mutualisms. In addition, with the aim of providing a comprehensive picture of the development of mobile payments, this paper includes various aspects of ecosystems, regulations and legal framework in developed countries as well as developing countries. At last, the core value of mobile payment services is concluded. Alignment and collaboration between virtual e-commerce transactions and physical merchants are vital for development of mobile payments. O2O as an integrated application, i.e. online to offline or offline to online usage, will play an important role, so as to facilitate the development of innovative payment application and financial technology as well. What mobile payment stands for is not only an innovative payment instrument, but also a new era of innovation. By means of establishing business model or extending the scope of services, cross-industry cooperation will come into place. These innovative service providers of mobile payments are bordering or potentially entering the territory governed by more stringent financial regulations. Financial authorities are expected to make adjustments on outdated or inappropriate legislations or regulations, to synchronize and to be in line with international conventions in a moderate and elastic way. With regards to the development trend of payment industry, information of the transaction itself will be much more important than the monetary value of the transaction, especially in terms of both payment behavior and flow. Moreover, mobile payments contain not only financial/monetary data but also personal data. As a result, financial authorities will endeavor to regulate in a proper manner as well as use supervisory measures, and it will be a challenge for our financial authorities.