ABSTRACT
Mobile payments are financial exchanges that involve at least one mobile terminal. They differ from payments from desktop terminals in at least four important ways. First, the number of parties increases substantially. In addition to the merchants, buyers, and their respective banks and the clearing and settlement networks, new actors include mobile network operators, handset makers, integrated circuit card manufacturers, bank card schemes, payment processors or payment service providers, trusted third parties or Trusted Service Managers (TSMs), and regulators (Nambiar and Lu, 2005; European Payments Council, 2012). Second, the rapid developments in wireless communications have led to a wide variety of access protocols and mobile devices as well as numerous technologies and standards that have to be considered. Third, wireless communications are readily exposed to environmental interferences and eavesdropping and hence are more difficult to secure. Finally, mobile commerce raises more acutely the issue of controlling the access to customer through the management of the security (Adams, 1998).
