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Mobile payments as a financial transaction medium emerged around a decade ago. Adoption was slow due to the nature of the mobile technology supporting the concept. However, recent significant advances on the technology front have made this area one of burgeoning growth in the financial services sector. Services-based and text-based payment and proximity device communications are appearing worldwide. Widespread use of smartphones and consumer comfort with mobile devices for more than communication are the principal drivers of a resurgent and increased interest in mobile payments. In addition, advances in software and hardware security techniques have made trusted financial transactions possible from these devices. This white paper examines the current state and nature of the mobile payments market, some of the relevant enabling technologies, and looks at the relevant risk, security and assurance issues that security and audit professionals will want to consider when developing and evaluating mobile payment services.

Additional mobile payments resources:

• Andractas, M.; et al; Mobile Payments: Ringing Louder, McKinsey on Payments, McKinsey & Company, USA, April 2009, pp 34-39
• Boer, R.; de Boer, T.; Mobile Payments 2010—Market Analysis and Overview, Telecomm Paper, Innopay, The Netherlands, November 2009
• Chatain, P.; et al; “Integrity in Mobile Phone Financial Services—Measures for Mitigating Risks from Money Laundering and Terrorist Financing,” World Bank Working Paper No. 146, World Bank, Washington D.C., USA, 2008
• ISACA, Business Model for Information Security, USA, 2010
• ISACA, COBIT 4.1, USA, 2007
• ISACA, The Risk IT Framework, USA, 2009
• ISACA, Securing Mobile Devices, USA, 2010
• Kim, C.; et al; “An Empirical Study of Customers’ Perceptions of Security and Trust in E-payment Systems,” Electronic Commerce Research and Applications 9, ELSEVIER, the Netherlands, 2010, pp 84-95
• Leung, A.; et al; “The Security Challenges for Mobile Ubiquitous Services,” Information Security Technical Report 12, Elsevier, The Netherlands, 2007, pp 162-171
• “National Strategy for Trusted Identities in Cyberspace—Enhancing Online Choice, Efficiency, Security and Privacy,” The White House, USA, April 2010,
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• “Paying by Mobile,” Extract from: Mobile Payments—Strategies and Markets 2007-2011, Juniper Research, UK, 2011
• “Security of Proximity Mobile Payments,” Publication CPMC-09001, Smart Card Alliance, Princeton Junction, NJ, USA, May 2009
• Shen, S.; “Market Trends: Mobile Payment, Worldwide, 2011,” Gartner Report G00213478, USA, 6 June 2011