The article explores the security aspects of mobile payment systems (MPS) in the context of urban Internet of Things (IoT) technology. MPS leverages mobile devices and the internet to facilitate convenient financial transactions, catering to a user base of over 960 million globally. Nevertheless, the ease of mobile payments is accompanied by security apprehensions, including device susceptibilities, theft risks, and potential cyber assaults. This paper examines the technical environment of MPS, focusing on their development over time, the current utilization of technologies like NFC, and the security measures that regulate these systems. The paper also explores alternative payment protocols and current security measures, providing a valuable understanding of the correlation between mobile payments and online security. This investigation aims to enhance the safety and understanding of mobile payment systems and provide guidance for future enhancements in security measures to create a more secure digital transaction environment.