ABSTRACT
Mobile Payments has some aliases such as (Mobile Money), (Mobile Wallet) or (Mobile Money Transfer) is defined as: “wireless transactions of a monetary value from one party to another using a mobile device whose physical form can vary from a mobile phone to any wireless enabled device (e.g. PDA, laptop, key ring, watch) which are capable of securely processing a financial transaction over a “wireless network” [33]. There is also an estimation introduced by Juniper research which stated: “The total Mobile Payment market will be worth more than $1.3 trillion globally by 2017 with an average annual increase of more than 23%”. This resulted in more research intention directed to MP and its related topics and a lot of papers and scientific projects were found in the literature. MP solutions have been implemented in developing countries as an extension of financial services to the “un-banked” or “under-banked” communities. These communities are estimated to be as much as 50% of the world’s adult population, according to Financial Access’ 2009 Report “Half the World is Unbanked”.
