China’s Application of Big Data in the Third-Party Payment Market

Third-party payment refers to a process where a reputable third-party company, other than commercial banks, provides payment transfer services between buyers and sellers during transactions, thereby facilitating the completion of the transaction. In transactions involving third-party payment institutions, the flow of goods and funds can be summarized as follows: during the purchase of goods, the buyer does not directly pay the seller but instead pays the third-party intermediary. The intermediary then notifies the seller to ship the goods and complete the transaction.