The status and role of the payment system Who are the participants in the payment system and what ro

The modern payment system is mainly composed of payment instruments, payment systems, payment service organizations, and payment system supervision and management. In recent years, the general trend of the reform and development of the payment system in developed countries is to adapt to technological innovation, economic development and demand changes, and the payment system has become safer, more efficient and more developed.

The participants include the central bank, the China Banking Regulatory Commission, UnionPay, payment companies, banks, operators, merchants, users, etc.

1. Who are the participants in the payment system and what role do they play?

1. People's Bank of China.

The king and creator of the payment field, the existence of various policies and specifications. The central bank is not involved in the specific business of payment, as a member of the payment industry, it is enough to remember that the central bank is the most powerful, and she is what she says.

2. China UnionPay.

To put it simply, before the establishment of Netlink, it was the only clearing organization in China, and at present, all the inter-bank fund clearing between offline banks must be realized through it, which is essentially an agreement organization. Offline and connected networks are competitive. It should be noted that UnionPay and UnionPay Business are two different things.

3. Networking. NetsUnion Clearing Corporation (NUC) is the operating institution of the online payment and clearing platform of non-bank payment institutions approved by the People's Bank of China.

As a unified national clearing system, the online payment and clearing platform of non-bank payment institutions mainly handles the online payment business involving bank accounts initiated by non-bank payment institutions, realizes one-point access for non-bank payment institutions and commercial banks, and provides public, safe, efficient and economical transaction information transfer and fund clearing services.

4. Third-party payment institutions.

Formal third-party payment institutions must have the qualifications recognized by the central bank, that is, they must obtain the payment business license issued by the central bank before they can conduct business. The types of payment business licenses are generally as follows: bank card acquiring, Internet payment, and prepaid card issuance.

Others, such as ** payment, digital TV payment, etc., can be basically ignored.

Under normal circumstances, the central bank will review every 5 years depending on the market conditions and the operation of the enterprise, and will withdraw the payment business license for serious violations, and will invite them to talk to those who are not good at operating and ask them to carry out equity replacement or other forms of cooperation with powerful companies.

2. What is a payment system?

There are still quite a lot of words about the participants in the Alipay system, such as co-tenants and so on.

Who are the participants in the Department of Physical Education? There are consumers, there are platforms, there are banks.

What system do you want to be involved in?

If you want to have a very deep understanding of a thing and be able to grasp it flexibly; Then the understanding of the underlying concepts will play a very key underlying role; Today, we will recognize these important payment concepts: payment is the transfer of funds caused by social and economic activities. The payment system is an organic combination of institutional and technical arrangements that enable the transfer of funds. According to the process of transfer payment, the four basic concepts of the payment system are settlement accounts, payment instruments, payment and clearing systems, and fund clearing methods.

Settlement account: A settlement account opened in the name of the payment entity, whose function is to store funds and record the receipt and payment of funds, which is the basis for fund transfer. Currently, the main types of settlement accounts include:

Personal settlement accounts with bank cards as the main body, corporate bank settlement accounts with demand deposits as the main body, virtual accounts opened by individuals with third-party payment institutions, and prepaid card accounts, etc. Payment instrument: It is the carrier of payment instructions.

A payment instruction is an expression of the intention of the payer (recipient) to pay (receive) the funds. Bank bills and settlement vouchers in economic activities, purchase orders for bank cards and prepaid cards, and input interfaces provided in online payments are all part of the category of payment instruments. Payment Clearing System:

It is the infrastructure that realizes the transmission of payment instructions between the receiving and paying banks and different settlement entities. All kinds of payment and clearing systems usually transmit payment letters in standardized formats such as magnetic codes, messages or electronic messages. At present, China's various payment and clearing systems are responsible for the information transmission of hundreds of millions of payment instructions per clear or daily.

Fund clearing method: It is the means and rules for the payment and clearing system to process the funds of the payment instructions transmitted through it. The two most commonly used types of fund clearing methods in various payment and clearing systems are:

Real-time settlement of full amount and batch netting settlement on a case-by-case basis. At the same time, there are also hybrid settlement methods that adopt different fund clearing methods for different businesses.

The components of the payment system include new technologies such as payment instruments, payment clearing, payment service providers, security authentication, and blockchain.

1. Payment tools are the actual means to complete payment transactions, such as cash, bank cards, mobile payment, Internet payment, etc. It can be said that the other components revolve around payment instruments.

2. Payment and clearing refers to the completion of the settlement and clearing process of the transaction, and the settlement of the capital transactions between the parties to the transaction (such as banks, payment service providers, etc.). The party that pays the suspicion is usually the ** bank, or it can be the settlement platform of the payment institution itself.

3. Payment service providers are institutions that provide payment tools and payment services for merchants and consumers, including banks, payment institutions, e-commerce platforms, etc., and mainly undertake the application, identification and verification of payment tools, the processing of payment processes and various technical services.

4. Security authentication refers to ensuring the security of the payment transaction process, including user identity authentication, transaction data transmission encryption, risk assessment, etc. Common security authentication measures include digital certificates, SMS verification codes, and fingerprint recognition.

5. With the advancement of technology, there are also some emerging technologies that are gradually applied to the payment system, such as blockchain technology, which can bring a better experience in terms of security and speed.

The components of the payment system are interrelated, interdependent and work together to complete the function of electronic payment and provide a convenient and secure payment experience.

2.Active-passive is different: payment is mandatory and mostly used to fulfill obligations, but payment is not mandatory and is more inclined to be personal initiative;

3.The context of use is different: the payment is mostly used for tuition, taxes, etc., and the payment is mostly used for party fees.

The above is the difference between payment and branch cover.

Payment of taxes. Tax payment usually refers to the process in which taxpayers and withholding agents pay taxes in various ways in accordance with the provisions of relevant laws and regulations. Taxpayers and withholding agents shall pay the tax payable in a timely manner within the time limit required by the relevant tax laws, and thoroughly perform the duties and obligations that should be performed.

According to the relevant laws and regulations, the tax authorities shall not violate the laws and administrative regulations, over-levy, suspend or under-levy, etc. If the taxpayer fails to pay the tax on time, the relevant overdue loss shall be increased.

The electronic payment system consists of seven elements: customer, merchant, certification center, payment gateway, customer bank, merchant bank, and financial private network.

1. Customers. Units or individuals that use electronic trading means to conduct electronic trading activities with enterprises or merchants exchange information with merchants through electronic trading platforms, sign transaction contracts, and pay with online payment tools owned by themselves.

2. Merchants. Units or individuals that provide goods or services to customers can request settlement from financial institutions in the electronic payment system according to the payment instructions issued by customers, and this process is generally handled by a special server set up by the merchant.

3. Certification center.

An impartial third-party intermediary trusted by all parties to a transaction, which is primarily responsible for issuing and maintaining digital certificates for parties involved in electronic trading activities to confirm the true identity of all parties.

4. Payment gateways.

To complete the communication, protocol conversion and data encryption and decryption between the bank network and the Internet, the electronic payment information must be processed through the payment gateway before entering the bank's internal payment and settlement system.

5. Customer's bank.

Banks that provide customers with funding accounts and online payment instruments are referred to as card issuers in online payment systems that use bank cards as payment instruments.

6. Merchant bank.

The bank that provides the merchant with a funding account, the customer sends the order and payment instructions to the merchant, the merchant leaves the received order, submits the customer's payment instructions to the merchant bank, and then the merchant bank issues a payment authorization request to the customer's bank and carries out the clearing work between them.

7. Financial private network.

A closed, private network for the exchange of information within and between banks.