Abstract

Mobile payment systems are becoming one of the most popular technologies nowadays. A mobile payment system is an application that provides a payment channel easily and quickly without credit card information. All payments can be either over GSM bill or from your phone application account. Each mobile application has different requirements. The main requirements of mobile payment systems are functionality, security and speed. The cryptography model and algorithm are very important to make all transactions securely on mobile payment applications. The speed factor is also very important during payment on mobile payment applications. If security does not provide a minimum time consumption on application, this system becomes not preferable. Therefore, we analyzed the time consumption of the cryptographic algorithms to specify the best model and algorithm for mobile payment applications. In this study, we tried to find most suitable cryptographic model and algorithm for mobile payment systems. We compared Rivest-Shamir-Adleman, which is a well-known asymmetric key algorithm, with well-known symmetric algorithms such as Data Encryption Standard, Triple Data Encryption Standard, and Advanced Encryption Standard in terms of time consumption of the algorithm over encryption and decryption processes. As a result of this study, Advanced Encryption Standard was found to be approximately three times fast than among all algorithms.

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