Research on Designs of Modern Payment Systems in China

Liu Shao Xiong; Tuyatsetseg Badarch

doi:doi:10.11648/j.ajcst.20230601.12

| Peer-Reviewed

Research on Designs of Modern Payment Systems in China

Liu Shao Xiong, Tuyatsetseg Badarch

Published in American Journal of Computer Science and Technology (Volume 6, Issue 1)

Received: 12 January 2023 Accepted: 20 February 2023 Published: 4 March 2023

Views: Downloads:

Download PDF

Share This Article

Twitter
Linked In
Facebook

Abstract

In this paper, we focus on the design of the modern payment system in China, especially the third-party payment systems. The reason for the flourishing the third-party payment systems including Alipay, WeChat is the demand of government and enterprise units for electronic transaction payment that has had a profound impact on the financial industry, then the traditional banking business model cannot meet the needs of online payment. We conduct research on the main third-party payment systems and solutions in the Chinese market, focusing on the payment system design and principle architecture. We analyze the key issues of the operation of the payment systems, and we also illustrate some possible suggestions in relation to the improvement of China's payment system. Because of the modern financial system characteristics in China, enterprise and institutions need to invest a lot of funds and implement advanced technologies to solve the increasing transaction volumes, lack of manpower, and funds. In terms of subsystem design, we present the access and internal subsystems that provide all types of services based on a full system. We also want to share the case of emphasizing the Alipay system architecture, the study still needs to be focused in detail. Our paper presents the accounting and financial processing design of Alipay. It involves two subsystems, internal and external. The external subsystem is a unilateral account to meet online performance requirements; the internal subsystem uses double-entry subsystems to meet financial needs. In order to compete with other payment service companies like WeChat, our study proves that Alipay payment application program implementation and service accounts on the platform are able to provide direct in-app payment service to users. In this paper, we highlight the feature due to the third-party online payment connection with the internet system with the bank and the service they offer is dependable and safe. The third-party online payment has a completely safe method, which transmits the encryption data from the internet bank system across the safety of the certificates, making sure the account transactions from the customer are safe and the digital signature. In this paper, the architecture design of Jingdong payment platform is emphasized as another powerful design of the payment system in China. The paper concludes that third-party modern systems help with contemporary solutions of financial smart collections, business transactions, networking, digitization, and multi-point distribution.

Published in	American Journal of Computer Science and Technology (Volume 6, Issue 1) This article belongs to the Special Issue Advances in Computer Science and Future Technology
DOI	10.11648/j.ajcst.20230601.12
Page(s)	10-19
Creative Commons	This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited.
Copyright	Copyright © The Author(s), 2023. Published by Science Publishing Group

Keywords

Payment Systems, Payment Gateways, Financial Companies, Fintech

References

[1]	Sappideen, Razeen & He, Ling, “The Payment System in China”, 2009.
[2]	S. Li, "Research on the Design of Electronic Payment System of Financial Company," 2021 2nd International Conference on E-Commerce and Internet Technology (ECIT), 2021, pp. 91-94, doi: 10.1109/ECIT52743.2021.00027.
[3]	Huang J, “How mobile payment is changing the world”, Digitalcommons.wou.edu/computer science_student pubs. pp. 3–21, 2017.
[4]	Zhao, X. Sun, Y. 2012. A Study of Third-party Online Payment: Risk Control and Supervision Analysis. University of Shanghai for Science andTechnology [accessed 7 April 2017].
[5]	Wang, L. The impacts of third-party online payment solutions on banks. China national knowledge Interne, 2016.
[6]	F. Wan, J. Li, N. Ma, X. He, Y. Cao and H. Yang, "Research and Design of E-commerce Payment System," 2017 International Conference on Computer Technology, Electronics and Communication (ICCTEC), 2017, pp. 1294-1297, doi: 10.1109/ICCTEC.2017.00283.
[7]	Mu, H.-L., & Lee, Y.-C. (2017). Examining the Influencing Factors of Third-Party Mobile Payment Adoption: A Comparative Study of Alipay and WeChat Pay. The Journal of Information Systems, 26 (4), 247–284. https://doi.org/10.5859/KAIS.2017.26.4.247
[8]	Zhu Xuefeng, Design and implementation of electronic commercial draft management information system, Fujian: Xiamen University, 2015.
[9]	Guo, J., Bouwman, H., “An Ecosystem View on Third-party Mobile Payment Providers, A Case Study of Alipay wallet,” info, Vol. 18, No. 5, 2016, pp. 56-78. L.
[10]	Yingli, "Design and Implementation of QR Code Payment in Power Self-service Payment Terminal," 2021 6th International Symposium on Computer and Information Processing Technology (ISCIPT), 2021, pp. 432-435, doi: 10.1109/ISCIPT53667.2021.00093.
[11]	J. Su H W, Zou D B, Yuan Y, Wen X L, and Chen J, Research on QR Code Technology in the Field of Public Transport Payment, Issue 12, Information Technology and Informatization, 2017, pp. 139-142.
[12]	J. Guo J Q, Analysis on the Application of Two-Dimensional Code in Electricity Mobile Payment Terminal, Issue 24. Communication world, 2014, pp. 1 85-186.
[13]	J. Lin H, Su H W, Xie Z D, Li J T, and Lu Y J, Application of QR Code Payment in One Card Self-service Card Selling and Recharging Terminal System, Issue 1. Electronic Technology and Software Engineering, 2019, pp. 97-98.
[14]	J. Xu C B, Research on the payment application of "Internet +" mode QR code payment in rail transit AFC system, Issue 3. Electronic test, 2020, pp. 62-63.
[15]	V. Sethaput and S. Adsavakulchai, "E-Payment and It’s Effects on Cash in Thailand," 2021 9th International Electrical Engineering Congress (iEECON), 2021, pp. 460-463, doi: 10.1109/iEECON51072.2021.9440063.
[16]	C. Shuran and Y. Xiaoling, "A New Public Transport Payment Method Based on NFC and QR Code," 2020 IEEE 5th International Conference on Intelligent Transportation Engineering (ICITE), 2020, pp. 240-244, doi: 10.1109/ICITE50838.2020.9231356.
[17]	L. Ahmad, R. Al-Sabha and A. Al-Haj, "Design and Implementation of a Secure QR Payment System Based on Visual Cryptography," 2021 7th International Conference on Information Management (ICIM), 2021, pp. 40-44, doi: 10.1109/ICIM52229.2021.9417129.
[18]	Fei Shuai, Juan You and Zhensong Li, "Research on symmetric key-based mobile payment protocol security," 2010 IEEE International Conference on Information Theory and Information Security, 2010, pp. 340-344, doi: 10.1109/ICITIS.2010.5689606.
[19]	D. S. Islamiati, D. Agata and A. R. Anom Besari, "Design and Implementation of Various Payment System for Product Transaction in Mobile Application," 2019 International Electronics Symposium (IES), 2019, pp. 287-292, doi: 10.1109/ELECSYM.2019.8901643.

Cite This Article

Plain Text BibTeX RIS

APA Style

Liu Shao Xiong, Tuyatsetseg Badarch. (2023). Research on Designs of Modern Payment Systems in China. American Journal of Computer Science and Technology, 6(1), 10-19. https://doi.org/10.11648/j.ajcst.20230601.12

Copy | Download

ACS Style

Liu Shao Xiong; Tuyatsetseg Badarch. Research on Designs of Modern Payment Systems in China. Am. J. Comput. Sci. Technol. 2023, 6(1), 10-19. doi: 10.11648/j.ajcst.20230601.12

Copy | Download

AMA Style

Liu Shao Xiong, Tuyatsetseg Badarch. Research on Designs of Modern Payment Systems in China. Am J Comput Sci Technol. 2023;6(1):10-19. doi: 10.11648/j.ajcst.20230601.12

Copy | Download

@article{10.11648/j.ajcst.20230601.12,
  author = {Liu Shao Xiong and Tuyatsetseg Badarch},
  title = {Research on Designs of Modern Payment Systems in China},
  journal = {American Journal of Computer Science and Technology},
  volume = {6},
  number = {1},
  pages = {10-19},
  doi = {10.11648/j.ajcst.20230601.12},
  url = {https://doi.org/10.11648/j.ajcst.20230601.12},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.ajcst.20230601.12},
  abstract = {In this paper, we focus on the design of the modern payment system in China, especially the third-party payment systems. The reason for the flourishing the third-party payment systems including Alipay, WeChat is the demand of government and enterprise units for electronic transaction payment that has had a profound impact on the financial industry, then the traditional banking business model cannot meet the needs of online payment. We conduct research on the main third-party payment systems and solutions in the Chinese market, focusing on the payment system design and principle architecture. We analyze the key issues of the operation of the payment systems, and we also illustrate some possible suggestions in relation to the improvement of China's payment system. Because of the modern financial system characteristics in China, enterprise and institutions need to invest a lot of funds and implement advanced technologies to solve the increasing transaction volumes, lack of manpower, and funds. In terms of subsystem design, we present the access and internal subsystems that provide all types of services based on a full system. We also want to share the case of emphasizing the Alipay system architecture, the study still needs to be focused in detail. Our paper presents the accounting and financial processing design of Alipay. It involves two subsystems, internal and external. The external subsystem is a unilateral account to meet online performance requirements; the internal subsystem uses double-entry subsystems to meet financial needs. In order to compete with other payment service companies like WeChat, our study proves that Alipay payment application program implementation and service accounts on the platform are able to provide direct in-app payment service to users. In this paper, we highlight the feature due to the third-party online payment connection with the internet system with the bank and the service they offer is dependable and safe. The third-party online payment has a completely safe method, which transmits the encryption data from the internet bank system across the safety of the certificates, making sure the account transactions from the customer are safe and the digital signature. In this paper, the architecture design of Jingdong payment platform is emphasized as another powerful design of the payment system in China. The paper concludes that third-party modern systems help with contemporary solutions of financial smart collections, business transactions, networking, digitization, and multi-point distribution.},
 year = {2023}
}

Copy | Download

TY  - JOUR
T1  - Research on Designs of Modern Payment Systems in China
AU  - Liu Shao Xiong
AU  - Tuyatsetseg Badarch
Y1  - 2023/03/04
PY  - 2023
N1  - https://doi.org/10.11648/j.ajcst.20230601.12
DO  - 10.11648/j.ajcst.20230601.12
T2  - American Journal of Computer Science and Technology
JF  - American Journal of Computer Science and Technology
JO  - American Journal of Computer Science and Technology
SP  - 10
EP  - 19
PB  - Science Publishing Group
SN  - 2640-012X
UR  - https://doi.org/10.11648/j.ajcst.20230601.12
AB  - In this paper, we focus on the design of the modern payment system in China, especially the third-party payment systems. The reason for the flourishing the third-party payment systems including Alipay, WeChat is the demand of government and enterprise units for electronic transaction payment that has had a profound impact on the financial industry, then the traditional banking business model cannot meet the needs of online payment. We conduct research on the main third-party payment systems and solutions in the Chinese market, focusing on the payment system design and principle architecture. We analyze the key issues of the operation of the payment systems, and we also illustrate some possible suggestions in relation to the improvement of China's payment system. Because of the modern financial system characteristics in China, enterprise and institutions need to invest a lot of funds and implement advanced technologies to solve the increasing transaction volumes, lack of manpower, and funds. In terms of subsystem design, we present the access and internal subsystems that provide all types of services based on a full system. We also want to share the case of emphasizing the Alipay system architecture, the study still needs to be focused in detail. Our paper presents the accounting and financial processing design of Alipay. It involves two subsystems, internal and external. The external subsystem is a unilateral account to meet online performance requirements; the internal subsystem uses double-entry subsystems to meet financial needs. In order to compete with other payment service companies like WeChat, our study proves that Alipay payment application program implementation and service accounts on the platform are able to provide direct in-app payment service to users. In this paper, we highlight the feature due to the third-party online payment connection with the internet system with the bank and the service they offer is dependable and safe. The third-party online payment has a completely safe method, which transmits the encryption data from the internet bank system across the safety of the certificates, making sure the account transactions from the customer are safe and the digital signature. In this paper, the architecture design of Jingdong payment platform is emphasized as another powerful design of the payment system in China. The paper concludes that third-party modern systems help with contemporary solutions of financial smart collections, business transactions, networking, digitization, and multi-point distribution.
VL  - 6
IS  - 1
ER  -

Copy | Download

Author Information

Liu Shao Xiong

Department of Information Technology, School of Information Technology and Design, Mongolian National University, Ulaanbaatar, Mongolia
Tuyatsetseg Badarch

Department of Information Technology, School of Information Technology and Design, Mongolian National University, Ulaanbaatar, Mongolia

Download PDF

Sections

Plain Text BibTeX RIS

APA Style

Liu Shao Xiong, Tuyatsetseg Badarch. (2023). Research on Designs of Modern Payment Systems in China. American Journal of Computer Science and Technology, 6(1), 10-19. https://doi.org/10.11648/j.ajcst.20230601.12

Copy | Download

ACS Style

Liu Shao Xiong; Tuyatsetseg Badarch. Research on Designs of Modern Payment Systems in China. Am. J. Comput. Sci. Technol. 2023, 6(1), 10-19. doi: 10.11648/j.ajcst.20230601.12

Copy | Download

AMA Style

Liu Shao Xiong, Tuyatsetseg Badarch. Research on Designs of Modern Payment Systems in China. Am J Comput Sci Technol. 2023;6(1):10-19. doi: 10.11648/j.ajcst.20230601.12

Copy | Download

@article{10.11648/j.ajcst.20230601.12,
  author = {Liu Shao Xiong and Tuyatsetseg Badarch},
  title = {Research on Designs of Modern Payment Systems in China},
  journal = {American Journal of Computer Science and Technology},
  volume = {6},
  number = {1},
  pages = {10-19},
  doi = {10.11648/j.ajcst.20230601.12},
  url = {https://doi.org/10.11648/j.ajcst.20230601.12},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.ajcst.20230601.12},
  abstract = {In this paper, we focus on the design of the modern payment system in China, especially the third-party payment systems. The reason for the flourishing the third-party payment systems including Alipay, WeChat is the demand of government and enterprise units for electronic transaction payment that has had a profound impact on the financial industry, then the traditional banking business model cannot meet the needs of online payment. We conduct research on the main third-party payment systems and solutions in the Chinese market, focusing on the payment system design and principle architecture. We analyze the key issues of the operation of the payment systems, and we also illustrate some possible suggestions in relation to the improvement of China's payment system. Because of the modern financial system characteristics in China, enterprise and institutions need to invest a lot of funds and implement advanced technologies to solve the increasing transaction volumes, lack of manpower, and funds. In terms of subsystem design, we present the access and internal subsystems that provide all types of services based on a full system. We also want to share the case of emphasizing the Alipay system architecture, the study still needs to be focused in detail. Our paper presents the accounting and financial processing design of Alipay. It involves two subsystems, internal and external. The external subsystem is a unilateral account to meet online performance requirements; the internal subsystem uses double-entry subsystems to meet financial needs. In order to compete with other payment service companies like WeChat, our study proves that Alipay payment application program implementation and service accounts on the platform are able to provide direct in-app payment service to users. In this paper, we highlight the feature due to the third-party online payment connection with the internet system with the bank and the service they offer is dependable and safe. The third-party online payment has a completely safe method, which transmits the encryption data from the internet bank system across the safety of the certificates, making sure the account transactions from the customer are safe and the digital signature. In this paper, the architecture design of Jingdong payment platform is emphasized as another powerful design of the payment system in China. The paper concludes that third-party modern systems help with contemporary solutions of financial smart collections, business transactions, networking, digitization, and multi-point distribution.},
 year = {2023}
}

Copy | Download

TY  - JOUR
T1  - Research on Designs of Modern Payment Systems in China
AU  - Liu Shao Xiong
AU  - Tuyatsetseg Badarch
Y1  - 2023/03/04
PY  - 2023
N1  - https://doi.org/10.11648/j.ajcst.20230601.12
DO  - 10.11648/j.ajcst.20230601.12
T2  - American Journal of Computer Science and Technology
JF  - American Journal of Computer Science and Technology
JO  - American Journal of Computer Science and Technology
SP  - 10
EP  - 19
PB  - Science Publishing Group
SN  - 2640-012X
UR  - https://doi.org/10.11648/j.ajcst.20230601.12
AB  - In this paper, we focus on the design of the modern payment system in China, especially the third-party payment systems. The reason for the flourishing the third-party payment systems including Alipay, WeChat is the demand of government and enterprise units for electronic transaction payment that has had a profound impact on the financial industry, then the traditional banking business model cannot meet the needs of online payment. We conduct research on the main third-party payment systems and solutions in the Chinese market, focusing on the payment system design and principle architecture. We analyze the key issues of the operation of the payment systems, and we also illustrate some possible suggestions in relation to the improvement of China's payment system. Because of the modern financial system characteristics in China, enterprise and institutions need to invest a lot of funds and implement advanced technologies to solve the increasing transaction volumes, lack of manpower, and funds. In terms of subsystem design, we present the access and internal subsystems that provide all types of services based on a full system. We also want to share the case of emphasizing the Alipay system architecture, the study still needs to be focused in detail. Our paper presents the accounting and financial processing design of Alipay. It involves two subsystems, internal and external. The external subsystem is a unilateral account to meet online performance requirements; the internal subsystem uses double-entry subsystems to meet financial needs. In order to compete with other payment service companies like WeChat, our study proves that Alipay payment application program implementation and service accounts on the platform are able to provide direct in-app payment service to users. In this paper, we highlight the feature due to the third-party online payment connection with the internet system with the bank and the service they offer is dependable and safe. The third-party online payment has a completely safe method, which transmits the encryption data from the internet bank system across the safety of the certificates, making sure the account transactions from the customer are safe and the digital signature. In this paper, the architecture design of Jingdong payment platform is emphasized as another powerful design of the payment system in China. The paper concludes that third-party modern systems help with contemporary solutions of financial smart collections, business transactions, networking, digitization, and multi-point distribution.
VL  - 6
IS  - 1
ER  -

Copy | Download