Abstract:
In recent years, the third party payment market has developed rapidly. These platforms provide more convenient financial services to the public, and promote the innovation and development of the payment industry. But at the same time, the third party payment market chaos occurs frequently, the undocumented and illegal clearing institutions emerge in endlessly, customer's asset security and privacy security are facing threats. In this context, the People's Bank of China issued a notice on the Transfer of Non Bank Payment Services from the Direct Connection Mode to the NUCC in August 2017, and decided to set up Nets-Union Clearing Corporation(NUCC). The establishment of NUCC is an important means to strengthen the third party payment supervision, and has different effects on the interest related parties, such as the payment institutions, the Union-Pay and the commercial banks. Now, all payment platforms are connected with NUCC and it works well, but still faces many challenges from technology and market.
