A Secure Account-Based Mobile Payment Protocol with Public Key Cryptography

The way people do the business and transactions are changing drastically with the advent of Information Technology. The customer wants to access information, goods and services any time and in any place on his mobile device. Receiving financial data, trade on stock exchanges, accessing balances, paying bills and transfer funds using SMS are done through mobile phones. Due to involvement of valuable financial and personal information, the mobile phones are vulnerable to numerous security threats. Most common activity in M-Commerce is the payment to the merchant using a mobile phone. In this paper we present a secure account–based payment protocol which is suitable for M-commerce to transfer the payment from wireless networks based on public key cryptography. Based on author knowledge, this is a first kind of protocol which applies public key cryptography to mobile network and satisfies all the security requirements of the properties provided by standard protocols for wired networks such as SET and iKP. IndexTerms—Electronic commerce protocol, Mobile payment, Wireless payment, Credit card payment, Cryptographic Protocol, Account–Based protocol