13 January, 2016

Emergence of E-commerce Sector Boosts Third-Party Payment Services

The need to have an account for accepting payment for business services, making donations, or sending money to family from one country or continent to another is eliminated. A fast, easy, and safe service is available in which the service providers allow people use their merchant account and make transactions through it under their terms of service. It is known as third-party payment service. A service that involves buyer, seller, and a third party and transactions in business between buyer and seller is made securely through a third party without revealing credit card or debit card details. The role of a third party varies based on type of transaction.

The third party payment services provide safety in transactions, but it is important for users to take safety precautions. The transactions using Wi-Fi networks available in public places should be avoided. China’s Central Bank released regulations of online payment services for minimizing the risk associated with loads of transactions taking place through third-party payment services. The range of payments allowed through such accounts is 1,000 yuan (155 U.S. dollars) to 200,000 yuan per year. The fraud cases in recent years entailed central bank to make amends in regulations. These regulations would help people by ensuring safety of their money deposited in third party accounts.
Alibaba’s Alipay has expanded third-party payment industry in China. Other leading market players operating are PayPal, UnionPay, WeChat Payment, Bitpay, Paytm, and others. Emerging e-commerce sector creates opportunities for third-party payment companies.

Many studies have been done to analyze changing market trends of the third-party Payment industry. Recently, Prof Research Reports has added a report titled “2015 Third-party Payment Industry Report - Global and Chinese Market Scenario.” The report offers an extensive analysis of key manufacturers, capacity & production information, competitive scenario, and economic impact of the industry.

Source At: http://www.profresearchreports.com/third-party-payment-industry-2015-global-and-chinese-analysis-market

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