An article relating to this blog post on Finextra:
Oxford scientists develop security protocol for m-payments
Isis Innovation, the University of Oxford's technology transfer company, is looking for commercial partners to help develop a new cryptographic application for securing person-to-person mobile payment...
See article
Online security and options.
Sadly anything requiring the users extra awareness and input will ultimately be reliant on the user for its successful operation.
However in the case of sensitive communications such as m-payments it is reasonable to assume that the user will exercise a certain amount of caution and effort when making a payment.
The human factor seems to be the inherent point of weakness with almost all security methods, thus we must protect the majority of users from themselves.
My preferred approach to virtual security is through the use of embedded and automated technology that requires little or no human intervention to set-up or use.