A secure mobile payment system using QR code

Mobile phones have become an inseparable companion for many users, serving much more than just communication tools. In developing countries, the number of mobile phone users exceeds the number of those having bank accounts. Besides, the low banking service penetration and the large migrant communities are another factor to utilize mobile phones for payment purposes. Therefore, mobile payment may find the success it is targeting easily and much faster than in developed countries. There are a lot of variables involved related to Mobile Payments. In this paper, the various models used for Mobile payments are first discussed. Then, the paper will propose a scenario for mobile payment that tackles both concerns of the process, namely: speed of transaction and security, without complicating the process or making it undesirable to users.