In India, all leading Networks Operators have increased their focused towards the M-payment services. And also mobile payment services have been well accepted among the mobile users, and it is very well recognized by Government authorities. All is needed to take this market trend to a next level where it can contribute significantly for achieving the financial inclusion goal. With India moving ahead with its telecom success, there will be more than 900 million mobile subscribers by the end of 2013. These mobile phones will surely not simply act as a communication device but also become a way to deliver economic convenience to the end customer. Security in financial transactions is the prime concern and it is the most complicated challenge that has to be addressed jointly by mobile application developers, wireless network service providers and the banks\' IT departments.