Analysis of Security in Mobile Phone Payment Method using Near Field Communication

In olden days Market transactions are based on currency and they are currently being replaced by credit and debit cards. The use of the cards can further be simplified by use of mobile phones integrated with contactless card technology which gives us more security and saves time. More functionality can be added to the mobile based contactless device since the mobile based software is flexible. The contactless mobile device can be used as an alternative of credit and debit cards. Security is the main problem were the hackers can easily hack the secrete data during the payment of money. In this paper, we are analyzing a security method in which Near Field Communication (NFC) a contactless card present in a mobile device to be used as a replacement for conventional payment methods.