Mobile Payment Status and Security Strategy in the Internet of Things

With the confirmation of China's mobile payment standards in 2011, mobile payment in the era of Internet of Things finally ushered in a period of rapid development. Like other electronic payment methods, the key to mobile payment is still security. This article starts from the nature of the Internet of Things. Combining the domestic status of mobile payment and foreign advanced experience, it analyzes the security issues existing in its industry chain and proposes security strategies.

1. Mobile Payment in the Internet of Things Times After Internet technology sparked the "information revolution" in the last century, the Internet of Things will once again change our lives. As the name suggests, the Internet of Things means that all items are connected to the Internet through sensors, enabling monitoring, tracking, and information exchange. Connecting a bank card with a merchant POS through digital gadgets such as cell phones creates a new area: mobile payments. Users can conduct business activities such as transfer, shopping, and payment via SMS, WAP, IVR, and proximity.

In August 2009, Premier Wen proposed the concept of "perceiving China," which greatly promoted the research and development of the Internet of Things, and the era of the Internet of Things has become an irreversible trend. On April 28, 2011, Hong Feng, Executive Vice President of China UnionPay, announced that mobile near-field payment uses the 13.56-MHz standard, and the last kilometer of mobile payment has been opened. Mobile payment, as the vanguard of the Internet of Things, brings convenience to our lives, it will also trigger the retail industry, and greatly enhance the national economy.

2. Current Status of Mobile Payments at Home and Abroad China Mobile, Unicom, Telecom, and UnionPay have also laid out their own mobile payment plans. In 2010, China Mobile spent 39.801 billion yuan in Renminbi Pudong Development Bank, and then pushed for mobile payment services. In May 2009, China Telecom also officially launched the "mobile payment" business, which includes four sub-businesses: mobile ordering, mobile payment, mobile banking and mobile credit card. China Unicom also began to launch a series of mobile payment services in December 2008. In April 2010, China Unicom and China UnionPay also cooperated to promote UnionPay mobile payment services. China UnionPay launched the first-generation mobile payment service in 2002, realizing various value-added services such as vacant ticket booking and electronic discount coupons. In July 2011, UnionPay Commerce destroyed the “pay for the whole people” of the convenience payment brand and formally entered the offline payment field. At the same time, UnionPay also introduced home mini terminals and mobile phones to enable users to pay for utilities, booking tickets, and buying lottery tickets at home. According to the Analysys International report, the transaction volume of offline convenience payment market in China will reach 435 billion yuan in 2014.

However, China UnionPay and the three major telecom operators are not unified in terms of the starting standards for mobile payment services in the near field. Mobile selects 2.4GZ RF-SIM technology. Unicom chose 13.56MHz NFC, SIMPass technology. Telecom chose the 13.56MHz SIMPass technology and selected the 2.4GHz RFUIM technology in its individual pilots. UnionPay selected a 13.56MHz NFC, SD card, SIMPass, etc. All giants want to seize the opportunity of mobile payment. In fact, Japan is the operator that controls the mobile payment industry chain. South Korea is a bank, but all parties can make money together. This is an industry that depends on each other. Mobile payment can become a new business growth point for mobile operators and banks. Judging from the experience of Japan and South Korea, the cooperation between operators and UnionPay is the ultimate way out. The introduction of national standards for mobile payments has enabled us to avoid more wars of attrition.

Even a thin profit industry can be made into a Big Mac cake as long as it can attract people or enough people to participate. That year, domestic Sohu Sina and other portal websites were working with operators to make a profit from the short message service of a few cents. Today, with the rapid development of e-commerce, no one dares to dismiss mobile payment with both remote and on-site transactions. According to a new research report published by iResearch in July 2011, by 2015, the total global mobile payment volume will reach US$670 billion, far exceeding the US$240 billion this year. Mobile payment has already presented a blowout trend worldwide. In particular, our neighbors, Japan and South Korea, have more than 85% of their customers have used mobile payment. Japan began promoting mobile payment services in 2004. As of 2009, 65% of mobile users are mobile payment users. Currently, 70% of electronic payments in Korea are mobile payments. In 2010, the French government and enterprises announced that Nice, France has become the first non-contact city in Europe. Correspondingly, these highly mobile mobile payment countries have established comprehensive laws and regulations.

3. Key issues of mobile payment Despite adequate preparation of technologies and standards, the promotion of mobile payment is still difficult. The biggest problem is how to cultivate user's usage habits, security, confidentiality, ease of operation, and legal protection. . Security is the most important and difficult problem to pay for. Chinese users generally lack a sense of security for mobile devices such as mobile phones. Almost everyone has received fraudulent and spam messages, and many domestic mobile phone brands, including many domestic brands, have defaulted on smoking traps, resulting in imperfections in the entire social credit system. People have no sense of security. All these will hinder the rapid development of mobile payments.

The industry chain behind mobile payments is too long — financial institutions, mobile operators, network operators, terminal equipment providers, and retailers.

Compared with traditional payment methods, the security of mobile payment is particularly serious. All departments in the industry chain must cooperate from technology to credit. The Internet of Things is an extension of the Internet and is naturally open, inclusive, and anonymous. If we want the Internet of Things to provide people with convenient and efficient services, we must first ensure personal privacy and information security. If people have a bad or insecure experience when they first understand mobile payments, then Mobile payments, including the entire Internet of Things, would be very difficult to reverse this "first impression."

4. The security strategy of mobile payment can strengthen security measures from all links in the industry chain: Financial institutions can allow users to set transaction limits, so that accidental losses can be controlled within a certain range. The side effect is that it will bring users the use of inconvenient. UnionPay can also send users mobile phones a dynamic verification password or a reminder of the amount of consumption, which can greatly increase the safety factor, but it requires the user's mobile phone to remain on and not be delinquent. From the perspective of mobile operators, it is necessary to prevent the SIM card of users from being copied or fraudulently used. As a result, there have been many cases in which the loss of SIM cards caused by the use of fake ID cards has caused users to lose. In this regard, a combination of real-name authentication and fingerprint authentication techniques can be used to install financial security chips and encryption software on mobile terminals. From the perspective of terminal equipment, it can allow mobile operators or financial institutions to purchase products in a unified manner, reduce purchasing costs through scale, and can also shield counterfeit and counterfeit equipment from the mobile payment industry chain to ensure the security of terminal equipment.

At a technical level, the security model can be very good at protecting privacy. For a centralized controlled network environment, an enterprise-level security model, role-based access control (RBAC), can be used to divide an RD1D system into RDID tags, readers, and information processing systems; put data into RDID tags and information processing systems, respectively. The combination of the two can be decrypted with a password. When the label changes, the encryption and decryption passwords also change. This method has high computational and storage overhead, is not robust in real-time, and is not suitable for distributed IoT environments.

At present, cryptography is relatively complete, such as state encryption technology and secure multi-party calculation methods. However, these methods all require a large number of calculations and cannot be directly applied to the special computing environment of the Internet of Things. Nowadays, for the privacy and security issues of the Internet, many studies have been discussed in depth from access control, data encryption, behavior monitoring and agency services. However, the Internet of Things environment has its own particularities and needs further improvement. The Internet of Things is a new industry, and various security and privacy protection schemes and security structure models are based on specific perspectives, have no universality, and have a lot of room for development. Furthermore, any security measures are only temporary. The encryption and decryption technologies are always alternately developed. Based on continuous research and development in security technology, the social credit mechanism is further improved, and the Internet of Things and the entire network are guaranteed through moral and legal constraints. The healthy development of society is the long-term peace and stability.