Comparative analysis of electronic payment-related legislation in the United States and China

With the widespread popularization of the Internet and information technology, especially the continuous expansion of the scale of e-commerce, electronic payment has become one of the important payment methods in people’s daily lives. At the same time, the security issues of electronic payment have become increasingly prominent, which not only affects the security of personal property, but also threatens national economic security. Against this background, both the United States and China have introduced a number of laws and regulations aimed at ensuring the security and effectiveness of electronic payments.

Overview of U.S. electronic payment legislation

As one of the first countries in the world to develop e-commerce and e-government, the United States promulgated the Truth in Lending Act on credit cards as early as 1968, and subsequently formulated detailed Regulation Z to regulate credit card transactions and prevent Fraud and protect consumer rights. In 1978, the United States enacted the Electronic Funds Transfer Act, which was the world’s earliest legislation specifically targeting electronic payments, covering all forms of electronic fund transfers from the Internet to ATM machines to debit cards. Title 4A of the 1989 Uniform Commercial Code further clarified the legal definition of electronic payment systems. After entering the 21st century, the United States continues to strengthen the legal system in the field of electronic payments. The “Electronic Signatures in Global and Domestic Commerce Act” passed in 2000 confirmed the legal effect of electronic signatures; the “21st Century Check Clearing Act” introduced in 2003 gave ” “Substitute checks” have the same legal status as traditional paper checks; the Federal Agency Payment Rules promulgated in 2010 require that all non-tax revenue and expenditures of the federal government must be processed electronically.

Progress in China’s electronic payment legislation

In contrast, although China’s electronic payment field started late, it has made significant progress in recent decades. Since 1996, the People’s Bank of China has issued the “Credit Card Business Management Measures” and its subsequent version “Bank Card Business Management Measures”. From 1997 to 1998, the People’s Bank of China also issued a number of technical specifications related to financial IC cards, such as the “China Financial IC Card Specifications”, “China Financial IC Card Application Specifications” and supporting POS equipment standards. These measures not only improve the security and compatibility of financial cards, but also lay the foundation for subsequent electronic payments. In addition, the Chinese government has also strengthened the protection of network security through a series of departmental regulations, such as the 1994 “Regulations on the Security Protection of Computer Information Systems of the People’s Republic of China” and the 1997 “Measures for the Administration of Security Protection of International Networking of Computer Information Networks”. In 2004, the promulgation of the Electronic Signature Law of the People’s Republic of China marked China’s official recognition of the legitimacy of electronic signatures. Since then, the central bank and relevant departments have successively issued a series of rules and regulations such as the “Electronic Payment Guidelines (No. 1)”, “Regulations on Technical Measures for Internet Security Protection”, and “Measures for the Management of Electronic Banking Business” to continuously improve the legal framework for electronic payments.

Conclusion

Whether it is the United States or China, when dealing with the challenges posed by electronic payments, both countries have taken active legislative actions to ensure the safety and convenience of electronic payments by formulating relevant laws and regulations. In the future, with the continuous advancement of technology and changes in social needs, the legal systems of the two countries in the field of electronic payment will continue to develop and improve.