Peer to Peer Real-Time Mobile Payment Scheme

A novel real-time mobile payment (MOP) system that utilizes mobile phones together with interactive voice response technology (IVR) is proposed. The system consists of a communication network built upon existing banking infrastructures, thus minimizing the cost of adoption by banks. A sender or receiver communicates only with his/her bank, using a regular mobile phone, and banks talk to each other through a central authority, which acts as a broker. The communication of each component with other components in the system is clearly specified. Provision is made for the security of the whole system, making use of existing security arrangements between each participating bank and its customers, as well as established security practices of the banking industry. Rollbacks of transactions are also available. Our proposed system MOP will establish connections between banks so that all mobile phone-based transactions and payments may be made safely and easily. By developing an effective and secure system, it will meet the needs of all stakeholders. As long as they are logged into the system, users will be able to send, track, manage, and receive payments.