Based on the perspective of payment economics, this paper studies the relationship between the development of Internet payment and financial risk prevention from four transmission paths: Internet payment system, commercial bank Internet payment, third party Internet payment and non legal digital currency. The two stage empirical results based on index construction show that Internet payment has a significant positive effect on financial risks, and there are differences in different transmission paths.While serving the financial market and the real economy, Internet payment also objectively generates corresponding financial risks, and provides a channel for the spread of financial risks.In order to better prevent financial risks, this paper advocates optimizing the design of payment and settlement mechanism, establishing a stress test framework to deal with system failure and epidemic shocks, and strengthening the supervision of financial risks caused by non legal digital currency.