A Study on Relationship between Third-party Payment and Consumer Behavior

A Study on Relationship between Third-party Payment and

Consumer Behavior

摘 要

随着互联网的普及和电子商务的发展，越来越多的消费者已经开始习惯网上购物，通过第三方支付和卖家完成网上交易。第三方支付方式和以往传统的支付方式不同，传统支付中消费者和卖家直接完成交易，而第三方支付系统在网络交易中则扮演着类似于中介的角色，它代收网络交易中产生的费用，使网络消费变得更加快捷，便利。本论文将以第三方支付平台微信为列，通过问卷调查了解消费者使用支付的频率，使用时间，安全问题，刺激消费等问题的看法和反馈，探讨第三方支付平台和消费者行为之间的关系。

本文将分为五个部分进行分析和研究，第一部分将介绍研究的背景，对象，意义和方法以及文章的研究思路，第二章将通过文献参考首先介绍第三方支付平台的定义，诞生，特征，风险以及它与传统的支付方式之间的异同，然后介绍消费者行为的定义特点等来分析第三方支付和消费者行为间的关系。最后通过问卷调差，数据分析等研究第三方支付对消费者消费行为起到诱惑和促进购买的作用。最后一章将介绍本研究的局限性以及对全文的总结。

关键词: 第三方支付，微信，消费者行为，购买意图。

Abstract

With the popularity and development of the Internet and the e-commerce, more and more consumers have already begun used to online shopping and they will complete finish the online transactions with sellers through the third part payment. There are many differences from a third party payment and past traditional way of payment. In the traditional payment, consumers and sellers will complete the transaction payment directly, but in the third part payment system, it plays a mediation role in trading, its will collect the online transactions costs and make the network consumption has become more and more convenient and quicker. This paper will take the third-party payment platform We Chat as a example, through the questionnaire results to get a better understanding of the third part payment in the online transactions and discusses the relationship between the consumer behavior and the third party payment platform.

This paper will divided into five parts to analyze and research, the first part will introduce the research background, object, significance and methods and the research idea of the article, the second chapter will firstly introduce the definition of third-party payment platform, it includes its’ emergences, characteristics, risks and the similarities and differences between it and the traditional way payment, and then it will introduces the definition of consumer behavior characteristics to analyze the relationship between third-party payment and consumer behavior. Finally we will describe the questionnaire results; it will prove the third party plays a temptation and promotion to consumers’ behavior through data analysis. The last chapter will indicate the limitations of this study as well as make a summary for the full paper.

Keywords: Third-party payment, We Chat, consumer behavior, purchase

intention.

Contents

A STUDY ON RELATIONSHIP BETWEEN THIRD-PARTY

PAYMENT AND CONSUMER BEHAVIOR ............................................I 摘 要 ..........................................................................................................I ABSTRACT ................................................................................................ II CONTENTS ............................................................................................... IV

CHAPTER 1 INTRODUCTION ............................................................... 5

1.1BACKGROUND........................................................................................................... 5

1.2 OBJECTS AND SIGNIFICANCE .................................................................................... 5

1.3 METHODOLOGY ....................................................................................................... 6

1.4 STRUCTURE OF THE THESIS....................................................................................... 6

CHAPTER 2 LITERATURE REVIEW ................................................... 7

2.1 THE DEFINITION OF THE THIRD-PARTY PAYMENT ...................................................... 7

2.2 THE DEFINITION OF CONSUMER BEHAVIOR ............................................................ 10

2.3 RELATIONSHIP BETWEEN THE THIRD-PARTY PAYMENT AND CONSUMER BEHAVIOR . 11

CHAPTER 3 THE METHODOLOGY ................................................... 12

3.1 DESIGN AND STRUCTURE OF SURVEY ...................................................................... 12

3.2 DISTRIBUTION AND COLLECTION OF DATA ............................................................. 12

3.3 DATA ANALYSIS ...................................................................................................... 12

CHAPTER 4 DISCUSSION AND CONCLUSION ............................... 13

4.1 MAJOR CONCLUSION REACHED IN THIS THESIS ..................................................... 13

4.2 LIMITATIONS OF THIS RESEARCH AND SUGGESTION FOR FUTURE STUDIES ............ 13

BIBLIOGRAPHY ..................................................................................... 14

ACKNOWLEDGEMENTS ...................................................................... 15

Chapter 1 Introduction

1.1Background

With the development of the internet industry, the emergence of the third-party payment has changing our lifestyle as well as bringing major reforms to traditional transaction models. The mechanism of the third party platform has a great influence on online payment service; especially the mobile payments. It is emerged as a new payment method makes a great improvement for the third-party platform industries. The third party payment makes the online shopping become easier. This paper explores the relationship between the innovation technology of the third-party payment and the increasing purchasing intention of consumers. In these years, there are many scholars make some researches on the perceived risks of the third-party payment. In 2009, the Chinese scholar Zhao Hui indicates only PayPal could compete with the SSL card payment of system of security strictly in the third-party payment of America (Zhao Hui, 2009). Lee (2005) has confirmed the trust has influence on consumers’ attitude and intention to use it. Liu (2012) indicated that compatibility is most important determinant for user’s intention. Nevertheless, social influence has the positive impact on their intention when they are adopting whether to use the Alipay. (Guo, Huang & Craig ,2015) ,which means that the third-party payment has safe security system and the function can be utilitarian oriented, thus the consumers are more willing and more confident to adopt it. These researches have made a big contribution for the third-part payment. But the study on relationship between the third part payment can increasing purchasing intention still have to further study. This paper will focus on the relationship between third-party payment and consumer behavior to discuss the third-party payment can increase the purchasing intention.

1.2 Objects and Significance

This study discuss functions and the future of new technology in relation to the consumer’s demands and aims to explore the relationship between third-party

payment and consumer behavior, and how the third-party platform leads to increased consumer purchasing intention and thus stimulates the market economy more.

1.3 Methodology

1.4 Structure of the thesis

Chapter 2 Literature Review

2.1 The Definition of the third-party payment

Third-party payment is an independent agency with strength and credit Guarantee, it act as intermediation in the transaction process under the supervision of banks and business management departments, provides secure guarantee and technological support to the two trading parties. It has signed a contract with each big bank and appoints to deal with bank payment and settle system interface platform of online payment. In the "third party payment" model, after the buyer the choose and buy goods by using a third-party platform for payment, they will notify the seller to request shipment; when the buyer has received the goods, and inspect the export goods are confirmed, you can inform the third party payment to the seller, the third party then transfer the payment to the seller account. Third-party payment as the main means of network transactions and credit intermediary play an important role in establishing a connection between the online stores and Banks and making the online shopping safer.

2.1.1 The Emergences of the third-party payment

As a separate operating agency, the third party payment platform, acting as intermediation in the process of dealing under the supervision of banks and business management departments, provides secure guarantee and technological support to the two trading parties. The platform, also acting as witness and channel of the network transaction, offers abundant payment means and reliable service to Customers decreases the possibility of fraudulent trade and relieves public worries on the security of network transaction. The platform of third party payment was investment hotspot of the year 2005, which is called "on-line payment year". Due to relaxed qualification cognizance, small payment companies sprang up and the scale of platform increased by 100percent a year. According to I Research’s investigation, the third party payment in 2004 is 2.3billion RMB, while the number was more than 30 billion RMB in 2006 and with an expectation of 280 billion RMB in 2010.

2.1.2The Features of the third-party payment

In trading platform through a third party, the buyer after the choose and buy goods, using a third-party platform provides account for payment, the seller by the other party payment for goods arrive, for delivery; After the buyer's inspection items, can inform payment to the seller. The emergence of the third-party payment platform, in theory, completely put an end to the fraud of electronic trading; it is also decided by it of the following features:

(1) The third party payment platform, diverse and flexible payment means, users can use the Internet to pay, pay phone, mobile phone text messages in a variety of ways such as payment.

(2) The third party payment platform not only has the funds transfer function and can be restraint and supervision of both parties. For example: alipay can buyers money to draw people not only seller account, and if there is a trade dispute, such as not shipped after the seller received the buyer orders or buyers find reason to refuse payment after receipt of the goods, pay treasure will investigate the deal, and to deal with an offending side, basic can supervision and binding both parties.

(3) Is a third-party payment platform for network trade guarantee independent institutions? For example: taobao alipay, which is equivalent to an independent financial institutions, when buyers to purchase goods, money rather than directly to the seller's bank account to pay treasure to bank account first, when the buyers confirm receipt the goods and no problem will inform pay treasure to hit people inside account of the seller, the money, pay treasure to ensure the transaction smoothly in the process of trading.

2.1.3 The Risk of the third-party payment

1. The subject qualification and scope of business of third-party payment risk, engaged in the business between network operations and financial services, its legal status is unclear. Although most third-party payment is trying to establish him to provide users with network collection &payment intermediary status, but from all these third-party payment in the actual business operation, pay intermediary services

essentially similar to the settlement business. In addition, for the buyer and the seller to provide third party guarantee platform lonely accumulate a large amount of money at the same time, show the similar to the function of bank deposits. According to the country commercial bank law "regulation, absorb deposits and issue loans, to handle the settlement is the bank's proprietary business. Third-party payment platform operations has breakthrough the limitation of some existing franchise, what should be how to position, is the problem that we should ponder.

2. Precipitation in road for capital and virtual account of risk in the process of payment, whether the third party payment platform mode or insider trading, has a money sequestration, when absorbing funds reached considerable scale creates a security risk and pay money.

(1) mode, the third-party payment platform on the outstanding funds tend to settle on a third party to open an account in the bank, the general merchants of money will be for two days to a few weeks, this part in road, the possibility of risk are: first, in road capital increasing, the third-party payment platform itself credit risk index increase. Third-party payment platform for online trading guarantee on both sides, who would provide third party guarantee? Second, the third party payment platform, there are a lot of money in precipitation, if the lack of effective liquidity management, may cause payment risk.

(2) Under the mode of insider trading, involves the issue of virtual currency and use. The current virtual currency has not yet been incorporated into the central bank's regulation, and free from the banking system, it is difficult to tracking platform inside money flows; it will have what kind of impact to the real society is not clear. But now the issue of virtual currency is completely out of control, and as more and more people are recognized and using virtual currency, once the virtual currency monetary docking with reality problems arise, will be a huge disaster. No one is willing to pay for this risk, also can't afford it.

The anti-money laundering act

3. Money laundering risk brought by the central bank in the money laundering

report released, according to the bank on the net in the business of bank accounts for the rise rapidly, and most of trading via telephone, computer networks, rarely meet bank and customers, the bank customer to bring very great difficulty, also became the money laundering risk prone, high-risk areas.

2.1.4 Compared with the traditional payment

In the absence of effective credit system network environment, the introduction of the third-party payment mode, to a certain extent solved the payment of the bank on the net can't deal with constraints on both sides and supervision, payment is unitary; And in the entire transaction process, quality requirements, transaction integrity, return of goods can't get reliable guarantee; Widespread fraud and other issues. Its advantage embodies in the following respects:

First of all, for businesses, through the third-party payment platform can hedge the risks of unable to receive the customer payment for goods; at the same time can provide customers with a variety of payment tool. Especially for small and medium-sized enterprises that can not gateway interface with the bank provides a convenient payment platform.

Secondly, for the customer, not only can hedge the risks of unable to receive the goods, and the quality of the goods to a certain extent, also has the security, enhance the confidence of the customers online trading.

Third, for Banks, bank through a third party platform can expand business scope, but also saves for a large number of small and medium-sized enterprises provide gateway interface development and maintenance costs.

Visible, third-party payment mode effectively protects the interests of the parties and provide support for the transaction smoothly.

2.2 The Definition of consumer Behavior

2.2.1 The Features of consumer Behavior

2.2.2 The Definition of innovation diffusion behavior

2.2.3 The Features of innovation diffusion behavior

2.3 Relationship between the third-party payment and consumer Behavior

Chapter 3 the Methodology

3.1 Design and structure of survey

Wechat Payment is a mobile payment innovation product which is created by Tencent in 2008 and its development prospect is very bright.

3.2 Distribution and Collection of data

3.3 Data analysis

Chapter 4 Discussion and conclusion

4.1 Major Conclusion Reached in this Thesis

4.2 Limitations of this Research and Suggestion For Future Studies

Bibliography

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Acknowledgements

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