The rapid growth of online payment users is inseparable from the prosperous development of online consumption. With the rapid development of China’s online retail market, the types of online consumer life services have been continuously broadened, and the transaction scale has continued to increase, which has greatly increased the popularity of online payment among users. Convenient payment methods such as quick payment and cartoon payment have enhanced the availability of payment and promoted online payment to cover more users. With the establishment of mobile payment technology standards, the layout and efforts of payment companies in the field of mobile payment have also driven the rapid growth of mobile online payment users.
The People’s Bank of China continues to issue “payment business licenses”, and has successively issued management measures for subdivided business areas, gradually opening up payment and settlement businesses in the traditional financial field to third-party payment companies. While improving supervision and refining the market, it has also formed an industry pattern including payment companies, traditional banks, e-commerce giants, and telecom operators. In the future, the service subjects and models in the payment field will be more diversified, and the risks of online payment will also increase. Therefore, it is necessary to continuously improve the ecological environment of online payment security from aspects such as improving government regulatory policies, strengthening corporate alliance cooperation, and enhancing consumer safety awareness.
The development of China’s online electronic payment market is constrained by many factors, such as the need to further improve the security of online electronic payment, high payment service fees, fewer personal payment account management functions, and low user trust in online third-party electronic payment platforms. With the formulation and introduction of relevant national laws and regulations, the gradual improvement of payment functions and the strengthening of cooperation between online third-party electronic payment platforms and banks, these problems will be properly resolved.
With the rapid development of the Internet and the continuous advancement of modern cryptographic technology, online electronic payment is becoming more mature in terms of security algorithms and protocols. The continuous advancement of network communication technology has provided a solid material foundation for electronic payment, and China’s online electronic payment platform has begun to enter the optimization stage.