Responsibility of Net-bank in Electronic Payment

This paper investigates five electronic payment tools which are prevalent in the virtual world nowadays. It is demonstrated that the net-banks play an important role in the process of electronic payment, and that they are also facing greater legal risks than ever before because consumer-protection regulations are pervasive in developed countries that govern net-banks´ activities and impose more liabilities on them. This paper analyses the responsibilities of net-banks in handling electronic payments under the framework of law in the U.S. and recommends that China enact similar laws defining net-bank´s liabilities and responsibilities to ensure the sustainable development of electronic payment.