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.
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