The nature of consumers’ transactions has been basically shift with the wide and faster progression in the use of mobile payments systems. This digital change ensures speed and ease, which means users can pay through a touch of their devices or even hand gestures. Every month, there is new technology for Payment, but there are many issues that can affect the security of the monetary transactions. It is important to make a brief distinction between the current forms of mobile payments where this article focuses on that are Apple Pay, Google Wallet, and Samsung Pay. Several Security measures are analyzed in detail; Secure Element (SE), Trusted execution environment (TEE), Biometric Authentication, Encryption, Tokenization, Two-factor authentication (2FA). Organizational vulnerabilities and potential ways of attacking are established through analysis and differentiation of prominent players in the mobile payment industry. In this research work, through the comparative analysis of the most popular mobile payment platform, the key weaknesses, and prospective exploitation scenarios are determined. This paper outlines an general architectural approach to implementing mobile payment security and analyzes the mobile wallets’ differences, strengths, and weaknesses and criteria to evaluate how user data can be protected on the selected mobile payment platforms.