Mobile Banking Payment System

With the rapid development of the Internet and information technology, electronic commerce system is flourishing. In electronic commerce, customers use electronic money (e-money) instead of cash. E-money in wide use includes electronic cash, electronic checks, electronic coupons, and so on. E-money is fixed at face-value and is backed by banks. The fact that e-money is not issued in the actual amount to be used, it is somewhat inconvenient for customers to use. In addition, security requirements consume huge amounts of computing resources. Limited computing capability makes it is difficult to engage in electronic commerce with mobile devices. This study presents a new payment system, wherein customers are not required to purchase e-money of a fixed value in advance. The amount of every transaction is deducted directly from the customer’s bank account, eliminating the inconvenience of fixed value currency, and reducing online computing requirements. Through the application of trapdoor hash functions to streamline computational processes, the system can be used with mobile devices. We have named the system, mobile banking payment system.