Mobile payment (m-payment) is a new and alternative payment mechanism over traditional means of payment like cash and cheque etc. Due to large acceptance of mobile devices users have started using online services such as banking, purchasing etc by their mobile devices. So in commerce related services user can make payment anywhere and anytime. Various security issues are also identified related to mobile payment authentication like user identity theft, virus and man-in-middle attack. Authentication techniques presently available are not adequate to secure financial transaction using mobile devices since they are based on user ID-password approach and only one party who is using the service is validated.