A security framework for mobile-to-mobile payment network

This paper presents a framework for a mobile-to-mobile payment system, where a mobile phone, with or without SIM card, is used as an EMV payment instrument and is linked to a debit or credit account in a bank to pay any merchant who has a mobile phone or an on-line EMV capable terminal. In a single phone, multiple credit or debit accounts from different banks can be configured without compromising on security. The customer or consumer can manage many accounts with a common PIN and the framework provides a secure and convenient payment mechanism over-the-air.