<P> In the United Kingdom, The Financial Services Authority (FSA) was formerly the regulating authority for most aspects of the EU's Payment Services Directive (PSD), until its replacement in 2013 by the Prudential Regulation Authority and the Financial Conduct Authority . The UK implemented the PSD through the Payment Services Regulations 2009 (PSRs), which came into effect on 1 November 2009 . The PSR affects firms providing payment services and their customers . These firms include banks, non-bank credit card issuers and non-bank merchant acquirers, e-money issuers, etc . The PSRs created a new class of regulated firms known as payment institutions (PIs), who are subject to prudential requirements . Article 87 of the PSD requires the European Commission to report on the implementation and impact of the PSD by 1 November 2012 . </P> <P> In India, the Information Technology Act 2000 governs the basic applicability of e-commerce . </P> <P> In China, the Telecommunications Regulations of the People's Republic of China (promulgated on 25 September 2000), stipulated the Ministry of Industry and Information Technology (MIIT) as the government department regulating all telecommunications related activities, including electronic commerce . On the same day, The Administrative Measures on Internet Information Services released, is the first administrative regulation to address profit - generating activities conducted through the Internet, and lay the foundation for future regulations governing e-commerce in China . On 28 August 2004, the eleventh session of the tenth NPC Standing Committee adopted The Electronic Signature Law, which regulates data message, electronic signature authentication and legal liability issues . It is considered the first law in China's e-commerce legislation . It was a milestone in the course of improving China's electronic commerce legislation, and also marks the entering of China's rapid development stage for electronic commerce legislation . </P> <P> Contemporary electronic commerce can be classified into categories . The first category is business based on types of goods sold (involves everything from ordering "digital" content for immediate online consumption, to ordering conventional goods and services, to "meta" services to facilitate other types of electronic commerce). The second category is based on the nature of the participant (B2B, B2C, C2B and C2 C); </P>

Economic factors to be considered by vendors who want to engage in e commerce include