Enhancing security and efficiency in mobile payment systems: an integrated approach utilizing advanced technologies

The technological revolution has significantly transformed various aspects of our daily lives, particularly financial transactions. As these transactions increasingly occur over wired and networked systems, protecting confidential and personal information from potential intruders has become critical, underscoring the necessity for secure mobile payment systems. This paper introduces the Secure Mobile Payment System (SMPS), a robust solution designed to enhance the security and efficiency of mobile transactions. The SMPS integrates multiple advanced security measures, including biometric authentication, multi-factor authentication, tokenization, encryption, and real-time fraud detection, to safeguard user data and transaction integrity. The SMPS aims to build user trust and ensure seamless, secure financial operations across various devices by offering a comprehensive security framework. Additionally, this paper reviews existing systems like CLIQ, PayPal, Apple Pay, Google Pay, and Samsung Pay, highlighting their strengths and identifying areas for improvement. The SMPS is designed to address these vulnerabilities, providing a user-friendly and universally accessible platform. The proposed system's future enhancements include leveraging emerging technologies such as machine learning and AI to detect and prevent fraud, further enhancing its security and user experience. This project sets a new standard for digital transaction systems, promoting a cashless, efficient, and secure way of managing finances.