Since the mobile communication technology gains a big success in China, internet finance becomes one of the most emerging industries in China in the past decade. People’s living habits have been deeply changed by this emerging service. Nowadays the majority of Chinese citizens use cellphones to deposit and make payments, rather than use traditional debit and credit cards. They can even scan their cellphones to pay the bus and subway fares. While facilitating people’s lives, internet finance also causes new challenges for the commercial banks in China. It makes financial transactions more efficient and lowers transaction costs. Meanwhile, it also takes some profit sources of traditional commercial banks. This study first analyzes the current developing situation of internet finance in China and then introduce the banks efficiency of Chinese banks. Finally, the profitability that is measure by the ROA and ROE of 15 public commercial banks are chosen as the independent variables that measure the profitability of banks. The market scale of internet finance and its profitability are the independent variables. The study finds that while internet finance continues to develop in China, commercial banks’ profitability keeps a decreasing trend. The test results indicate that with the increase of one percent in total revenue, net income and ROA of the internet finance industry, the commercial banks’ ROA decreases by 0.02%, 0.04 and 2.52%, while ROE reduces by 0.22%, 1.04%, and 3.99% respectively.

This thesis selects data from the financial annual report of 15 different kinds of commercial banks in China from 2016 to 2019. Meanwhile, the bank's return on total assets (ROA) and non-interest income ratio (NIIR) are considered as dependent variables and other variables are considered as the independent variables. The aim of this thesis is to examine the effect of third-party payment developments on the profitability of commercial banks and whether the effect is different due to different types of banks. At the end of the thesis, suggestions are proposed for banks to withstand risks and improve supervision. JEL Classification F12 Keywords third-party payment , commercial bank profitability, bank supervision , regression Title The impact of third-party payment on the profitability of commercial banks.

This article explores the influence of Chinese third-party payment transaction volume on the profitability of Chinese 15 commercial banks. The article starts from the operating model of third-party payment , and then builds four corresponding models from the four dimensions of deposits, loans, non-interest income, and return on assets to test the impact of third-party payment on the profitability of commercial banks. The article concludes with conclusion and recommendations for commercial banks to mitigate risks, supervise third-party payment platforms, and collaborate with third-party payment platforms. JEL Classification F12 Keywords third-party payment , commercial bank profitability, bank supervision , regression Title The impact of third-party payment on the profitability of Chinese commercial banks.

In recent years, the rapid development of Internet finance has seized the financial market with a variety of business modes, which has had a strong impact on traditional financial institutions. This thesis analyzes the characteristics and main modes of Internet finance to explore the impact and future development of Internet finance. Due to the variety of Internet financial modes, this thesis uses a representative model of third-party payment to study the impact on residents, governments, and commercial banks. The main models used are OLS, panel data models, and VAR models. In order to explore the future development of Internet finance, this thesis not only compares the development of Internet finance in the United States, Europe, and China, but also analyzes the differences in the development of various regions. In addition, the thesis uses SWOT analysis to analyze the current environment of Internet finance, and speculates on future development trends and development measures that can be taken. Keywords: Internet finance, third-party payment, regional differences, future development

The retail payment market can be seen as a high velocity market, where the rate of change is high. The future for the retail payment market is uncertain to a large extent. A relatively new phenomenon is the entrance of third party payment providers (hereafter; TPP) who are utilizing the incumbent banks account infrastructure in order access information or initiate payments. A legislation named PSD2 will increase the TPP’s possibilities to utilize the bank’s infrastructure. This makes it possible for TPP to offer new innovative solutions to the end customer. The incumbent actors on the retail payment market have not been successful in regards to innovation, which have given fintech companies room to grow, both in size and numbers. However, the incumbent actors do still possess a strong position, but are frequently challenged by new startups who also want to initiate payments. Historically, the entrance barrier to the retail payment market have been high and the incumbent actors have had an oligopoly position. It has resulted in a lack of competition and a low innovation rate. However, this is starting to change because of new initiatives from EU, where the aim is to increase competition and facilitate a well- functioning retail payment market. Therefore, the increased competition from fintech startups is a relatively new phenomenon and most actors in the retail payment market think it is a beneficial evolution, except few representatives from the incumbent players who are worried that their existing competitive advantages will be outdated. This study provides a picture of how the retail payment market can develop in the future. By determining the most critical trends, it becomes clear what is driving the retail payment market and how the dynamic between actors is changing. In order to get the necessary insights to fulfil the purpose, 18 interviews have been conducted with different stakeholders to the retail payment market. The variation of perspectives of the interviewees give this study a depth that in the end enhance the validity of the result. It is hard to predict the future in a market characterized by high velocity, hence, it is important to understand what trends have the strongest influence on the market. By analysing the interviews, six trends were identified as having a huge impact on the payment market. 1. Merchants are pushing EU to regulate to their favour 2. Access to the information created when conducting payments 3. Incumbent banks have a hard time adopting to new changes 4. New technical solutions enable more actors to create payment solutions with global coverage 5. Actors without payment as core business enter the market 6. New regulations, such as PSD2, aims to increase competition on the retail payment market. Two of these six trends have been identified to be particularly uncertain and having a huge impact on the development of the retail payment market. Furthermore, these two trends are characterised by a dichotomy and the development of them will influence the market in four distinctively different ways. The first dichotomy is whether it becomes easy to be compliant with new legislations, or not. The study shows that if it becomes a heavy burden being compliant with PSD2 and using the technical standard for XS2A, the market will be characterized by economies of scale. If it on the other hand becomes is easy being compliant with PSD2 and initiate payments through XS2A, the overhead costs will decrease and the benefits of scale shrink. The second dichotomy, is whether actors without payment as core business will enter the market, or not. If payments can be seamlessly integrated in other applications, for instance a shopping experience, it is likely that payments will be initiated by actors who does not have payment initiations as core business. However, if it becomes hard to initiate payments on the banks account infrastructure, the attractiveness of having payments as a value adding service fades.

新型態的網路交易模式已漸漸地改變平民大眾的消費習慣，而隨之起步的支付模式更是日新月異。發展至今，有別於傳統的現金交易，或者是金融專戶轉帳等支付服務，因應電子商務交易習慣的第三方支付逐漸受到消費者的喜愛。 所謂的第三方支付服務，主要透過第三方支付業者的資金能力提供給使用者相當程度的交易擔保，並且與銀行進行合作進而承作類似儲蓄的預付儲值業務，讓使用者得以安心地進行網路交易，有效地推動電子商務的蓬勃發展。 然而，綜觀第三方支付服務在台灣的發展，可以發現相關的法律規範卻直到今年(2015年)才完成建置，在此之前，許多業務的經營多遇到法規適用的問題，導致第三方支付業者多在法規模糊地帶遊走，十分地不明確。時至今年，針對第三方支付服務所設立的專法-電子支付機構管理條例與相關的子法正式施行，相關的業者得以明確地受到法規管束，而對於使用者而言，亦可以受到明文的法律保障。本文除了探究第三方支付服務之法規發展，同時欲以國際上重要的第三方支付立法例進行國際法的比較，參酌中國美國歐盟之相關立法，分析我國相關法規與國際立法潮流之異同，並對於現今專法提出評析。 / The advanced development of E-Commerce have gradually changed the habit of people and it leads to the innovative payment system as well. Instead of traditional payment service, the third-party payment service becomes more and more popular. The operators of third-party payment guaranteed users a safe payment system with its own financial fund and run the money storage business though contracting with banks. The development of third-party payment and E-commerce is mutually progressing. However, there are still many issues about applying laws for the operators and users before establishment of third-party payment law and it also makes the third party payment operator in the grey area. Up to this year(2015), the exclusive law for third-party payment finally finished and it provides the operators and users a full set of regulations to follow. In addition to analysis the development of third-party payment, the thesis will go a step further to discuss about the comparative study on the legal system of third party payment service in China, USA, and EU. On the whole, the author makes a comprehensive discussion on third-party payment legal development in Taiwan with relevant law trends in focus countries, and puts forward the suggestions for the legal system in Taiwan in the end.

本研究運用質性研究方法，加以個案研究方式，對於第三方支付模式和實體信用卡虛擬化之非第三方支付模式進行個案分析，以探討在超競爭下，行動支付業者如何透過競爭以及合作策略，形成行動支付生態系統發展模式。本研究所得結論如下： 一、中國和肯亞等開發中國家之金融體系尚不發達，交易雙方出現信任缺口，銀行服務並不健全，金融資源分配不均，因此透過破壞傳統支付體系架構，發揮網路外部性之雙邊市場效應，打造出第三方支付模式之行動支付生態系統，以達到普惠金融發展目標。 二、歐美日等已開發國家之金融體系已臻健全，金融匯兌服務普及，金融監理重視市場公平與金融穩定，因此未破壞傳統支付體系架構，而是透過跨產業競合方式修改現有支付面前端程序，型塑出實體信用卡虛擬化支付模式之行動支付生態系統，以達到優化金融服務目標。 綜合上述結論，可歸納出二項管理意涵：第一項為在金融服務普及率較低的體系，傾向於發展填補信任缺口之第三方支付模式，而在金融服務普及率較高的體系，則傾向於發展提高安全性之實體信用卡虛擬化支付模式。第二項為企業藉由競合策略，既爭取價值也創造價值，其中爭取價值的本質是競爭，而創造價值的本質則是合作，以達到雙贏。 台灣傳統金融服務與超商密集度高，客戶需求被高度重視及滿足，銀行、超商與第三方支付業者形成跨產業競合關係，發展出多元支付方式，因此建構使用單一裝置即可提供多元支付功能之行動支付平台，可做為台灣行動支付生態系統健全發展之解決方案。具體建議為尋求跨產業競合，金融監管持開放態度，培訓金融科技人才，加強資訊安全，以建構完善的行動支付生態系統。 / In the view of hyper-competition, sustainable competitive advantage does not exist, and only by constant innovation in order to obtain a series of short-term competitive advantage. However, business ecosystem could clarify the competition and cooperation relationship between businesses. In this study, qualitative research and case study methodologies are used to find the adoptable mobile payment ecosystem. The third-party payment would fill the trust gap between the parties. Therefore, developing countries should adopt third party mobile payment ecosystem, in order to achieve financial inclusion. The non-third party payment would improve the security of cardholder transactions and reduce the risk of banking. Therefore, developed countries should adopt non-third party mobile payment ecosystem, in order to optimize financial services. The above conclusions can be summarized as two management implications: First, low penetration of financial services tends to develop third-party payment, and high penetration of financial services tends to develop non-third party payment. Second, business co-opetition strategy has the nature of value creation and value capture to achieve win-win situation. Taiwan’s financial service-intensive, customer needs are met, banks, stores can be formed with the third-party payment industry co-opetition relations, the development of a diverse payment methods, and therefore the construction using a single device to provide pluralistic payment function of mobile payment platform, will be suitable for robust development of Taiwan’s mobile payment ecosystem. Suggestions include cross-industry co-opetition, open-minded financial supervision, training financial technology professionals, and strengthen information security.

隨著科技進步，支付工具越來越多元化，第三方支付在中美已發展成熟。面對第三方支付平台的崛起，並由主管機關主導開放非銀行業辦理代收代付及儲值業務。本研究以文獻分析法及制度比較法，從台灣金融業者的角度比較第三方支付中信託及履約保證機制所產生的影響，發現信託較履約保證機制為佳；而就制度而言，我國對第三方支付平台儲值款項在消費者權益保障最為嚴謹。銀行在承擔第三方支付業者倒閉風險的同時，亦可選擇自行發展第三方支付業務。 由於國內線上交易市場競爭激烈，為活絡網購市場，網購業者以引進中國網友至台灣網路特約商店消費為目標。本研究分析我國發展跨境代收轉付金流服務之方向，並以玉山銀行為案例，認為在國際第三方支付市場上，以合作取代競爭是值得採行的策略。同時結合台灣優質廠商，應是台灣未來金融業者與第三方支付業者可搶進的利基。 再者，第三方支付產業市場競爭激烈，與金融業產生競爭關係，尤其第三方支付平台所提供理財與放款服務十分具有市場競爭力。但是基於法規要求及各項互補產生的附加價值，產生合作關係，金融業者應審慎選擇與第三方支付業者競爭或合作。根據本研究調查目前我國銀行與第三方支付業者競爭或合作概況，同樣發現為競合關係。 最後，為提升金融業之競爭力，建議應強化電子商務技術能力，善用目前據點優勢，重視客戶反饋及增加創新服務，並積極爭取具有綜效之異業結盟，以爭取賽局有利條件。另建議主管機關為進一步保障消費者，短期宜修改《電子支付機構管理條例》相關子法，中長期宜研擬修改《信託法》。為解決跨境交易監理及課稅問題，則可利用跨境支付管理業務。 / As technology advances, payment systems grow diversity. Third-party payment has matured in China and USA. Facing the rise of third-party payment platform, and opening lead by the authority, what stategies should Taiwan's financial industry choose? The research has analyzed and compared Trust with Escrow in third-party payment, and found that Trust is a better way. As far as legal system is concerned, Taiwan values most on consumer protection. Since banks bear the risk of third-party payment company bankruptcy, they can also choose to develop their own third-party payment services. Due to fierce competition in the domestic online market, online shopping companies dedicate to attract Internet users in China. The research has illustrated the development of cross-border payment managing service, and taken E. Sun Bank as an example. The research explored that financial institution and third-party payment company should cooperate rather than competite in the international market. Combined with high-quality manufacturers, Taiwan's financial institutions and the third-party payment companies could get more profit. In addition, third-party payment industry is a highly competitive market, resulting in a competitive relationship with the financial industry . In particular, financial managing and loan services provided by third-party payment are very attractive. However, financial institutions and the third-party payment companies are forced to cooperate because of regulatory requirements and the value added by complement. Financial institutions should evalute carefully. According to the result of present study, it is co-opetition in this relationship. To enhance the competitiveness, the research suggests that financial institutions strengthen the ability of e-commerce technology, make good use of the advantages of the branches, pay attention to customer feedback, establish innovative services, and actively seek alliance which makes synergy. On the other hand, the research recommend authority amend law. In order to supervise cross-border transactions and taxation, authority could use cross-border payments managing service.

從過去的公元2000年所強調網路Dot Com時代來臨，資訊商務發展一路從電子錢包、電子商務、B2B、B2C、第三方支付、C2C、O2O..到近期的「行動支付」發展的角度上來看，因為網路的發達，無線網路覆蓋面積的增大，網路速度也不斷的提升，智慧型手機及行動裝置使用廣泛，讓整體消費市場由過去所重視的企業消費市場已大幅轉向重視個人的消費市場。 短短的這二、三年，因智慧型手機使用的普及，各種APP應用程式蓬勃發展，已徹底改變了人們的生活習慣，當人們想要獲取與傳遞資訊時，只要動動手指頭，馬上就可達成；相對的，人們對於智慧型手機行動裝置也越來越依賴。面對這一新的「動動手指頭的時代」發展與趨勢，加上個人消費者的使用與消費習慣改變，造就了消費市場巨幅的變化；企業更為爭取個人消費者的市場，作為企業競爭力之指標。從企業為爭取個人消費者的市場之發展趨勢來看，O2O （Online to Offline）更成為現代重要的營銷模式。 本研究的貢獻希望在於以便利商店繳交信用卡帳款為例得到之啟發，打造一個行動商務平台，藉由現代圖碼（Picture Code），即利用目前所常見使用的條碼，如：堆疊式二維條碼以及矩陣式二維條碼，結合現行還在開發之新技術，組合出更新，圖形更複雜且資料儲存量更大之圖碼當作介質，透過網路之連結，以現代資訊商務發展活動的應用模式為基礎，套用本研究之應用模型，作為對於個人使用者的身分驗證，以及個人消費者於現代資訊商務發展活動之「電子錢包」及「電子商務」、「第三方支付」乃至「C2C」在使用信用卡的應用上，透過使用智慧型手機或行動裝置，作為現代另一新的「行動支付」方法。同時，在完成商務交易活動後，又能結合O2O營銷模式，為使用或消費者個人帶來共多利益，也為商家創造出更多商機。 / From "Dot Com" network generation coming in 2000, the IT Business Development Activities from "Electronic Wallet", "e-commerce", "B2B", "B2C", "Third-party payment," "C2C", "O2O" to the recent "Mobile Payment" development, because the network developed, wireless network coverage area increases, network speed has also been improved, smart phones and mobile devices are popular, overall business market is focus on the individual consumer market now. In this three years, smart phones use a variety of APP applications, it really has completely changed people's habits. When people want to capture and transmit some information, it just need to “move your fingers” as soon as you can reach. Also, people become increasingly dependent on smart phones and mobile devices. Face with this new "move your fingers time” developments trends and consumers’ consumption habits change, enterprise all want to increase the individual consumers’ market share and also as a business Indicators competitiveness. O2O （Online to Offline, Offline to Online） business model is more and more important to enterprise in the future. This thesis investigates from a case study on credit card payment for bill in the convenience store to get an idea. Hope build up a mobile commerce platform and use the modern “Picture Code” that the current use of bar codes, such as Stacked 2D bar codes and two-dimensional matrix bar code and combined with the existing new technology still in development. The combination of updates, graphics and more complex and larger data storage capacity of the bar code to be the new “interface”. Based on all application connect within Internet, we try to implement for all application according to development and innovation from this paper that to be a customer’s ID verification and “mobile payment” new model. Meanwhile, after transaction successfully, integrate the O2O business model to create more benefit for customer and more business opportunity for enterprise.

《電子支付機構管理條例》自2015年2月實施後，陸續有相關子法作為補充。2015年底，金管會目標台灣非現金支付要在5年內達到52%，因此2016年被稱為｢支付元年｣。推廣線上支付最重要的除了市場動向外，莫過於法規的設置，因此本文探討目前的法制是否足以因應如此新興產業的需求，從進入門檻監理、消費者保護與產業發展三大個面向討論現行法規，並剖析是否有檢討之處。 由法制面審視我國對支付產業進入門檻的規定，反映了產業的競爭與發展的機會。而消費者的使用經驗是支付產業最佳的廣告，尤其支付系統多由小額且龐雜的交易組成，一旦紛爭發生，使用者大多自認倒楣，因此具有完備的防止糾紛或詐騙機制、資訊安全規範，產業才能永續發展。 / Since the implementation of the《Law on the Administration of Electronic Payment Institutions》in February 2015, the related regulations have been supplemented one after another. By the end of 2015, Financial Supervisory Commission set the target for non-cash payments in Taiwan to reach 52% of the total transaction within 5 years. So 2016 is called "the first year of payment". The most important thing promoting online payment is not only market trends, but also the establishment of legal system. Therefore, this article examines whether the current legal system is sufficient to meet the needs of such emerging industries, From entry barriers and supervision, consumer protection, industrial development, the three-oriented discussion of existing laws and regulations. From the legal point of view of Taiwanese payment industry entry barriers, it reflects the competition and development opportunities. The consumer experience is the best advertisement of payment industry. Especially the payment system is composed of small amount and complex transactions, once the dispute occurs, most users claim to be unfortunate. So there is a comprehensive mechanism to prevent disputes or fraud, information security norms, industry will be sustainable.