📁 Third-party Payment Platform

Third-party payment refers to an independent institution with certain strength and credibility protection, which facilitates the online payment mode for both parties to conduct transactions through docking with UnionPay or UnionPay. In the third-party payment mode, after purchasing the goods, the buyer uses the account provided by the third-party platform to make payment for the goods (payment to the third party), and the third party notifies the seller of the payment arrival and delivery of the goods; the buyer receives the goods, inspects the goods, and notifies the third party of the payment after confirmation; the third party then transfers the payment to the seller's account. On the afternoon of January 13, 2017, the People's Bank of China issued a new regulation in the field of payment, "Notice of the General Office of the People's Bank of China on the Implementation of the Centralized Custody of Customer Reserve Funds of Payment Institutions", which clarifies that the customer reserve funds generated by the third-party payment institutions in the course of transaction will be deposited in a designated account in the future, and shall be supervised by the central bank. The payment institutions shall not misappropriate or occupy the customer reserve funds.