Smart pay Ecosystem Design Model
With the growth of Smart phones and Internet, e-commerce has been re-shaped in a way that consumers are able to purchase goods without physically presenting their credit or debit cards at the Point of Sale (POS). This type of transactions is called Card Not Present (CNP) which includes mail order, telephone and internet transactions. Further, within the introduction of mobile commerce (m-commerce), consumers are able to use their Smart phones and tablets to perform transactions. Despite the fact CNP and m-commerce transactions are widely accepted and used all over the world, these transactions still vulnerable to security attacks. In this study, we propose a secure model for mobile payment systems that makes use of Payment Facilitator to accomplish customer’s payment transactions. In this model, we try to enhance security by limiting the exchange process of sensitive data related to customer’s credit or debit cards. Instead of card information, mobile number of the customer is used and exchanged among different entities within the payment ecosystem. The proposed model enables a simple, time efficient and secure mobile payment process for users.
Index Terms - Mobile Payment, Mobile Commerce, Card Not Present, CNP, Payment Facilitator, Mobile Network Operator, MNO, Fraud, Security.