The “Law of the People’s Republic of China on Negotiable Instruments” and the “Payment and Settlement Methods” stipulate that payment and settlement refer to the behavior of units and individuals using bills, credit cards and settlement methods such as remittance, collection and payment, and entrusted collection in social and economic activities to make monetary payments and clear funds. In other words, payment and settlement is the monetary compensation given by one party after receiving goods and services from the other party to ensure the balance between the two parties. Therefore, payment is a financial service business provided by banks to settle the creditor’s rights and debtor’s relationships caused by the exchange of goods and service activities between business partners, and this economic behavior of settling creditor’s rights and debtor’s relationships is called settlement. The meanings of payment and settlement are basically the same, and payment and settlement can be directly understood as payment settlement or payment.
Definition of online payment
Online payment (net payment/internet payment) is a form of electronic payment, which refers to the use of electronic financial networks as the basis, commercial electronic tools and various transaction cards as the medium, and modern computer technology and communication technology. Through computer network systems, especially the Internet, electronic information transmission is used to realize the circulation and payment of funds. Online payment can effectively solve the bottleneck of capital flow and is the only way for the further development of electronic transactions.