Contactless mobile money payment system

Abstract

Mobile money services have significantly improved financial inclusion, particularly in developing countries. However, manual input and USSD-based transactions present challenges in user experience, security, and accessibility. The COVID-19 pandemic further emphasized the need for contactless payment methods to mitigate transmission risks. This paper introduces a novel contactless mobile money system leveraging Near Field Communication (NFC) technology to address these concerns and enhance transaction safety, efficiency and security. The system comprises an NFC-enabled mobile application, an NFC reader, and a robust backend infrastructure, enabling seamless and secure transactions while minimizing human error. Advanced encryption and authentication mechanisms safeguard sensitive user data. The comprehensive implementation is detailed, and extensive testing and user feedback validate the system's efficacy in streamlining transactions and bolstering security. The NFC-based contactless mobile money system has potential applications across various sectors and can contribute to the ongoing growth of the mobile money ecosystem, fostering greater financial inclusion globally.