A new mobile payment system with formal verification

Authors:
Shaik Shakeel Ahamad;Siba K. Udgata;V. N. Sastry
Affiliations:
Institute for Development and Research in Banking Technology (IDRBT), Castle Hills, Masab Tank, Hyderabad-57, India/ Department Computers and Information Sciences, University of Hyderabad, Hyderab ...;Department of Computers and Information Sciences, University of Hyderabad, Hyderabad-46, India.;Institute for Development and Research in Banking Technology (IDRBT), Castle Hills, Masab Tank, Hyderabad-57, India
Venue:
International Journal of Internet Technology and Secured Transactions
Year:
2012

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Abstract

In this paper, we propose a new payment instrument, i.e., mobile traveller's check (MTC) in the realm of mobile commerce. This payment instrument provides the merits of both e-cash and e-check, i.e., MTC can be used freely as an e-cash and it is as secure as an e-check. We present the mobile payment protocol based on MTC which uses elliptic curve digital signature algorithm (ECDSA) for generating and verifying digital signatures and DES for encrypting and decrypting the messages which are suitable for resource constrained devices like mobile phones. We use 'extended BAN' logic (Abadi et al., 1993) to provide a concise and clear understanding of this secure payment instrument (MTC). We formalise and verify the interactions and trust relationships among engaging entities.