Alibaba wechat pay taobao beijing5/4/2023 ![]() This emerging shift of trade from traditional sales in shops and shopping centers to online transactions is constantly growing worldwide. Proof of this can be seen by disappearing queues in cash-less banks and traditional stores being coined “brick and mortar” shops to imply they are becoming a thing of the past. Traditional methods of financial transactions and platforms, such as face-to-face cash and credit card transactions gradually decline. For instance, it is commonplace to see customers in a Shanghai Starbucks using a mobile wallet application to pay for coffee by simply waving their phone in front of a barcode scanner. “We need banking but we don’t need banks anymore” (TechPapa, 2017), said Bill Gates 20 years ago, predicting the future explosion in startup companies creating web and application-based financial services. I also got to know my biggest weakness: lack of money in my bank account. However, it still raises some questions that require of further debate and lobbying, as will be presented in the article itself.Įver since I met Jack Ma (founder and chairman of Alibaba Group), I have had two great successes: successful login and successful payment, and owned a vehicle of my own: a shopping cart. From the analysis of the new PRC E-Commerce Law, it appears to be well-balanced in its goals by providing improved protection to all online trading parties and ensuring the safe development of China’s online economy. The article’s findings indicate that specific regulation of e-commerce activities is vital in the virtual world, where conventional concepts of law and the laws themselves can be difficult to apply. ![]() Hence, the importance of legal recourse that is able to rapidly adapt to the technological developments introduced by e-commerce. This area holds vast practical relevance, especially in a world constantly shifting from traditional transaction and shopping methods towards internet-based technology and online transactions. The article will focus on the analysis of e-commerce from three legal aspects: contracts, consumer protection and unfair competition. In China, where the number of online shoppers is expected to reach 798.8 million by 2020 of which almost 42% use mobile devices for payment, lawmakers have been overhauling internet law, and its efforts reveal innovative methods and criteria deserve closer observation. The immense scope of global e-commerce sales, expected to reach USD 4.48 trillion by 2021, is growing much faster than e-commerce and online retail legislation.
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