Secure Mobile Payment Architecture Enabling Multi-factor Authentication

Abstract: The rise of smartphones has led to a significant increase in the usage of mobile payments. Mobile payments allow individuals to access financial resources and make transactions through their mobile devices while on the go. However, the current mobile payment systems were designed to align with traditional payment structures, which limits the full potential of smartphones, including their security features. This has become a major concern in the rapidly growing mobile payment market. To address these security concerns,in this paper we propose new mobile payment architecture. This architecture leverages the advanced capabilities of modern smartphones to verify various aspects of a payment, such as funds, biometrics, location, and others. The proposed system aims to guarantee the legitimacy of transactions and protect against identity theft by verifying multiple elements of a payment. The security of mobile payment systems is crucial, given the rapid growth of the market. Evaluating mobile payment systems based on their authentication, encryption, and fraud detection capabilities is of utmost importance. The proposed architecture provides a secure mobile payment solution that enhances the overall payment experience by taking advantage of the advanced capabilities of modern smartphones. This will not only improve the security of mobile payments but also offer a more user-friendly payment experience for consumers.