JHASS

Article http://dx.doi.org/10.26855/jhass.2024.06.037

The Obligation of Individual Catastrophic Illness Crowdfunding Platforms to Inform Donors

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Xiaohui Wang, Jing Wang*

The College of Humanities, Inner Mongolia University of Technology, Hohhot, Inner Mongolia, China.

*Corresponding author: Jing Wang

Published: July 4,2024

Abstract

In recent years, individual catastrophic illness crowdfunding platforms have played a crucial role in connecting those in need with donors, effectively assisting many individuals in challenging circumstances. However, the phenomenon of platforms charging high service fees instead of "0" fees has caused a crisis of trust among donors. For example, the Shuidichou platform deducts 6% of the withdrawn amount from the funds raised by the seeker as a service fee. Despite this, many donors have reported that they did not receive any notification from the platform regarding the service fee when making donations. They believe that their kindness is unreasonably discounted, leading to increasing doubts about crowdfunding platforms. This paper will analyze the rationality of crowdfunding platform fees and the superiority of the platform, clarify the obligation of crowdfunding platforms to inform donors, delve into the theoretical underpinnings of this obligation, and present institutional frameworks for meeting this obligation effectively. Through empirical research and theoretical analysis of crowdfunding platforms, this paper aims to offer theoretical and institutional insights to enhance transparency and trust in crowdfunding platforms.

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How to cite this paper

The Obligation of Individual Catastrophic Illness Crowdfunding Platforms to Inform Donors

How to cite this paper: Xiaohui Wang, Jing Wang. (2024) The Obligation of Individual Catastrophic Illness Crowdfunding Platforms to Inform Donors. Journal of Humanities, Arts and Social Science8(6), 1516-1520.

DOI: http://dx.doi.org/10.26855/jhass.2024.06.037