A third-Party Payment Service is a transaction mechanism in which a neutral third party provides the service of keeping the buyer’s payment for an internet transaction and furnishing the money to the seller only when the buyer receives the goods purchased or when certain conditions are met. Whether providers of such service should be limited to financial institutions has been hotly debated in Taiwan, and the Executive Yuan decided in August 2013 to allow non-financial institutions to accept deposits of money in electronic form and to perform the third-party payment service based on the “Statute of Governing and Managing Electronic Checks and Notes.” Thus far, both financial institutions and non-financial institutions are allowed to provide such service. To encourage the development of third-party payment services and to protect consumers, the Ministry of Economic Affairs promulgated the "Mandatory and Prohibited Provisions of a Standard Form Contract for Third-Party Payment Services,” which will take effect on April 15, 2014. The key points addressed include data safety, safety of payment, and the requirement that a third-party payment service provider should establish a consumer dispute resolution mechanism.