第三方支付金融服務對金融業營運及貨幣政策之影響

本研究主要探討第三方支付發展對金融業及貨幣政策的影響。中國電商龍頭阿里巴巴在2015年雙11全天交易額達912.17億人民幣，創下新的銷售紀錄。在電子商務快速發展下，卻頻傳網路詐騙事件，業者為了解決買賣家資訊不對稱的問題，第三方支付油然而生。第三方支付整合資料流與金流，交易過程降低資金收付不確定因素，並串聯買賣雙方與銀行關係，提供了便利及安全性，讓第三方支持業務迅速發展。第三方支付機構除了跨入儲值業務外，並可透過平台借貸及投資基金，與金融機構業務重複性高，開始侵蝕金融業的生態。央行透過銀行收放資金的方式，達到貨幣政策的目標，將可能因第三方支付從事金融業務，影響貨幣政策目標的準確性。台灣於2015年立法通過《電子支付機構管理條例》，銀行也逐步加入第三方支付的市場，台灣資本市場較發達，目前第三方支付業務僅開放儲值及群眾募資，雖然相較於中國大陸，開放的速度相對緩慢。中國第三方支付業者發展過快，導致殺價競爭搶進市佔，並履次發生不肖平台業者捲款潛逃事件。兩岸貿易往來頻繁，中國第三方支付平台違約事件可能波及台灣，發生系統性風險。因此本文探討第三方支付的發展概況，並針對其與金融業的競合關係進行分析，及如何影響貨幣政策等面向，提出金融監理應採取因應的措施，以期望第三方支付服務的發展，能持續提昇並打造便利且安全的支付環境。

關鍵字

第三方支付；互聯網金融；電子商務；貨幣政策；金融監理

並列摘要

The rapid development of the third-party payment brings buyers and sellers convenience and safety. Except for deposit, the third-party payment service offers finance and investment, such as P2P, crowd funding and internet-based traditional financial institution, related to the businesses of the financial institutions. This paper focuses on the cooperation or competition relationship between the third-party payment and financial institutions, and discusses the impulse of the third-party payment service on financial institutions. Central bank often achieves the target through transmission mechanisms from policy instruments. The transmission mechanisms of monetary policies work through the changes in interest rates affecting banks’ margin cost. The role of financial systems is declining, affecting the efficiency of monetary policies. In Taiwan, the Payment Processing Institutions Act takes effect in 2015. In contrast to China, it is hard to be innovatively and vigorously developed. However, scams happened repeatedly in China, which would influence Taiwan because of the frequency of foreign trade intercourse. As a result, bankruptcy and scam occurred in China would result in system risk impacting on Taiwan. Our government should focus on implementing effective financial monitoring and reporting systems to assure the third-party payment system perfect development.

並列關鍵字

Third-party payment ； Internet finance ； E-commence ； Monetary Policy ； Financial monitoring

參考文獻

Frame, W. Scott, and Lawrence J. White (2004), “Empirical studies of financial innovation: lots of talk, little action? ” Journal of Economic Literature, 42(1), p116-144.

Friedman, Benjamin M (2000)，“Decoupling at the margin: the threat to monetary policy from the electronic revolution in banking, ” International Finance, 3(2)，p261-272.

Kalakota, Ravi, and Andrew B. Whinston (1996), “Frontiers of electronic commerce,” Addison Wesley Longman Publishing Co., Inc.

Merton, Robert C (1992), “Financial innovation and economic performance,” Journal of Applied Corporate Finance, 4(4), p12-22.

Paul Timmers (1998), “Business Models for Electronic Markets,” Electronic Markets, 8(2), p 3-8.

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第三方支付金融服務對金融業營運及貨幣政策之影響

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