digitallawJournal of Digital Technologies and LawJournal of Digital Technologies and Law2949-2483Kazan Innovative University named after V. G. Timiryasov10.21202/jdtl.2025.11kxekjydigitallaw-544Research ArticleARTICLESСТАТЬИThird-Party Payment Regulation: Analysis of Risks and Legal Mechanisms in ChinaРегулирование платежей третьей стороной: анализ рисков и правовых механизмов в Китаеhttps://orcid.org/0009-0006-2916-8917ЦзинрунЛ.JingrongL.

Цзинрун Ли – бакалавр, факультет международного образования

Адрес: Китай, 730101, г. Ланьчжоу, авеню Вей Ле, д. 4

Li Jingrong – Bachelor student, Faculty of International Education

Address: 4 Wei Le Avenue, 730101, Lanzhou, China

Lee18334799908@gmail.comhttps://orcid.org/0000-0003-3610-0460ДжигирШ.JigeerSh.

Джигир Шауйя – аспирант, ассистент преподавателя, Высшая инженерно-экономическая школа

Адрес: Россия, 195251, г. Санкт-Петербург, ул. Политехническая, д. 29

WoS Researcher ID: https://www.webofscience.com/wos/author/record/HLG-6496-2023

Google Scholar ID: https://scholar.google.com/citations?user=ilwN9hAAAAAJ

Shawuya Jigeer– PhD student, Assistant, Graduate School of Industrial Economics

Address: Polytechnicheskaya St, 29, 195251, Saint Petersburg, Russia

Scopus Author ID: https://www.scopus.com/authid/detail.uri?authorId=57236746000

WoS Researcher ID: https://www.webofscience.com/wos/author/record/HLG-6496-2023

Google Scholar ID: https://scholar.google.com/citations?user=ilwN9hAAAAAJ

shauya.ts@edu.spbstu.ruУниверситет финансов и экономики в ЛаньчжоуКитайLanzhou University of Finance and EconomicsChinaСанкт-Петербургский политехнический университет Петра ВеликогоРоссияPeter the Great St. Petersburg Polytechnic UniversityRussian Federation20250607202532259274Copyright © Jingrong L., Jigeer S., 20252025Цзинрун Л., Джигир Ш.Jingrong L., Jigeer S.Данная работа распространяется под лицензией Creative Commons Attribution 4.0.This work is licensed under a Creative Commons Attribution 4.0 License.https://www.lawjournal.digital/jour/article/view/544Objective

Objective: to identify the main risks and problems in the field of third-party payments in China; to analyze the current legislation on the regulation of this sector; and to propose scientifically sound ways to improve the effectiveness of regulation of such payment systems.

Methods

Methods: the study used a set of general scientific methods, including analysis, induction and synthesis. The authors comprehensively analyzed the current state and legal regulation of third-party payments in China in order to develop practical recommendations for the introduction of effective regulatory mechanisms in this area. A comparative-legal analysis of existing regulations and international experience in regulating financial technologies was performed.

Results

Results: it was found that third-party payments have become an integral part of e-commerce, effectively solving the problems of high transaction costs and shortage of credit resources in Chinese e-commerce. The analysis showed that the payment industry is facing serious challenges, including insufficient regulation, financial and technological risks. The authors revealed a market competitive structure according to the “2+1+N” model with the dominance of large payment platforms. Practical recommendations were developed to improve legal mechanisms ensuring the stability and security of the third-party payments sector, including the creation of a single regulator and increased supervision of deposited funds.

Scientific novelty

Scientific novelty: the study complements the scientific base in the field of financial technology regulation, systematizing the main risks of the third-party payments sector and analyzing the modern regulatory framework. It takes into account the latest changes in the industry, which allows the authors to form a comprehensive understanding of the legal challenges in this area. For the first time, an integrated risk assessment model for third-party payment systems was proposed.

Practical significance

Practical significance: the findings have practical implications for improving regulatory efficiency, which is relevant both for third-party payment service providers and for financial regulators when developing policies in the field of financial technology and digital payments. The results can be used to improve the legislative framework and create specialized financial supervisory authorities.

Цель

Цель: выявить основные риски и проблемы в сфере платежей третьей стороной в Китае, проанализировать действующее законодательство о регулировании данного сектора и предложить научно обоснованные направления повышения эффективности регулирования подобных платежных систем.

Методы

Методы: исследование проводилось с применением комплекса общенаучных методов, включающих анализ, индукцию и синтез. Осуществлен всесторонний анализ текущего состояния развития и нормативного правового регулирования платежей третьей стороной в Китае с целью выработки практических рекомендаций для внедрения эффективных механизмов регулирования данной сферы. Применялся сравнительно-правовой анализ существующих нормативных актов и международного опыта регулирования финансовых технологий.

Результаты

Результаты: установлено, что платежи третьей стороной стали неотъем­лемой составляющей электронной коммерции, эффективно решая проблемы высоких транзакционных издержек и дефицита кредитных ресурсов в китайской электронной коммерции. Проведенный анализ показал, что платежная индустрия сталкивается с серьезными вызовами, включая недостаточность регулирования, финансовые и технологические риски. Выявлена конкурентная структура рынка по модели «2 + 1 + N» с доминированием крупных платежных платформ. Разработаны практические рекомендации по совершенствованию правовых механизмов для обеспечения стабильности и безопасности функционирования сектора сторонних платежей, включая создание единого регулятора и усиление надзора за депонированными средствами.

Научная новизна

Научная новизна: исследование дополняет научную базу в области регулирования финансовых технологий, систематизируя основные риски индустрии сторонних платежей и анализируя современную нормативную правовую базу с учетом последних изменений в отрасли, что позволяет сформировать комплексное понимание правовых вызовов в данной сфере. Впервые предложена интегрированная модель оценки рисков для платежных систем третьих сторон.

Практическая значимость

Практическая значимость: представленные в работе выводы имеют прикладное значение для повышения эффективности регулирования, что актуально как для поставщиков платежных услуг третьих сторон, так и для финансовых регуляторов при разработке политики в области финансовых технологий и цифровых платежей. Результаты могут быть использованы при совершенствовании законодательной базы и создании специализированных органов финансового надзора.

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The authors declare that there are no conflicts of interest present.