Research on the New Generation Electronic Payment System Applied in 'The Belt and Road'

• Published in: 2020 International Conference on E-Commerce and Internet Technology (ECIT) pp. 5 - 9
• Main Authors: Tang, Ji'an, Liu, Feng, Lu, Shiying, Qin, Sishi, Shao, Shuqian
• Format: Conference Proceeding
• Language: English
• Published: IEEE 01.04.2020
• Subjects: Belts; blockchain payment system; Blockchains; Electronic commerce; electronic payment system; eSDR; Finance; Internet; Investment; one main stem with many other branches monetary system; Online banking; Roads; Safety; super-sovereign digital currency
• DOI: 10.1109/ECIT50008.2020.00009

Since General Secretary xi jinping put forward the "The Belt and Road" initiative, China and the participating countries have witnessed rapid development in finance, infrastructure, mobile payments, and bilateral or multilateral e-commerce. Investment and trade cooperation has continued to deepen. The low cost and convenience of the payment process have been further deepened. Therefore, taking "The Belt and Road" countries as the research object, this paper designs, compares and evaluates the mechanism of the four systems in terms of the value, use, advantages and shortcomings of the electronic payment systems. Research results found that "The Belt and Road" will evolve into a "one main stem with many other branches" electronic payment system in the future, having China continue to maintain long-term internal and external value stability and peaceful, friendly diplomatic idea as the foundation. Besides, under the long-term trend, it will become a super-sovereign digital payment system based on the technology of blockchain, and realize high efficiency and safety in terms of trading, clearing and supervision. This study also provides a theoretical basis for the subsequent development of "The Belt and Road" electronic payment system evolution.