A Study of Security Issues of Mobile Payments in a Sri Lankan Banking Context

Abstract

Mobile Commerce is growing rapidly, and it is gaining vast acceptance amongst numerous sections of society. This progress can be traced back to technological and demographic developments which have influenced important aspects of the sociocultural behaviour today. Wireless mobile technologies provide the ability to freely share and access information anywhere and anytime. These abilities extend to electronic commerce systems which allow end users to initiate and participate in electronic transactions over wireless channels. Mobile payment is expected to become one of the most significant applications in mobile commerce. The issue of security has emerged as a major inhibitor of mobile payment acceptance. The perception of security in mobile payment procedures by the customer is one major factor for the market breakthrough of such systems.