Compare the Differences Between Overseas Payment Platforms and Domestic Third Party

Abstract

In the third-party payment mode, after purchasing goods, the buyer uses the account provided by the third-party platform to make payment for goods, and the third party notifies the seller of the arrival of payment for goods and requires delivery. The buyer shall notify the third party of payment after receiving the goods, inspecting the goods, and confirming them. The third party will transfer the money to the seller's account. At present, third-party payment platforms have been applied in various countries around the world. Even though different companies have launched third-party payment platforms with similar features, users have different choices. The paper aims to analyze the drivers of third-party payment platforms and to compare the similarities and differences between the mainstream third-party payment platforms in China and the West. This study also analyzes the impact and outlook for third-party platforms in today's digital currency era. At the same time, it points out the risks of today's mobile payment platforms and jointly gives suggestions for improvement to developers and governments. It suggested that the supervision of China's third-party payment platform will become more reasonable and strict.