A Novel Interoperable Mobile Wallet Model with Capability Based Access Control Framework

Initially mobile phones were used only for calls and messaging services. Nowadays almost all the basic utility devices around us have been replaced by mobile phones, ranging from simple alarm clock to controlling ubiquitous devices remotely. Mobile phones nowadays are much smarter compared to the devices used for payment processing in the early ages of banking. The plastic cards that we carry in our wallets like financial cards, membership cards, driving license etc all hold digital data. This gave inception to the idea of placing the plastic cards onto a mobile phone. There are a large number of mobile wallet initiatives currently. We have given the existing challenges that the current initiatives are facing. In this paper we have given a model for the development of a mobile wallet that can work across various platforms. Security is the major concern when it comes to finance related information. To address the security issues of our proposed mobile wallet model, we have also given an access control model that works with our interoperable mobile wallet in detail.