Although the financial system is already largely digitalized, mobile payment services are used in limited areas, due to various regulations and marketability [
1,
2]. However, as numerous mobile devices are supplied worldwide and online shopping is being activated, digital mobile payment market has grown largely [
3‐
7]. According to the 2013 report by market research company Gartner, purchase related global mobile payment market size was predicted to grow from $45.1 billion in 2012 to $224.3 billion in 2017 with average annual growth of 38%, and According to Capgemini’s 2016 report, the world’s non-cash transaction volumes grew by 8.9% in 2014 to 387.3 billion and it was predicted that in 2015, it will increase by 10.1% to reach 426.3 billion [
8]. As the mobile payment market is activated and mobile payment frequency used by users increased, the need for simplified payment has increased. In all digital environments including environments where financial infrastructure is well-established and developing nations with lacking financial environment where currencies such as cash is not well distributed, the need for simple and convenient mobile payment services is increasing [
9,
10]. Especially according to the 2014 report by Gartner, as mobile payment transaction started in Africa and developing nations in Asia, it is expected that mobile payment population will show strong growth until 2016 [
11]. To provide simplified mobile payment services to these users and to provide financial services specialized for users and service providers, Financial Technology (Fintech) composing of finance and technology are being developed worldwide [
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14]. According to the 2014 report by Accenture, the volume of investment on global Fintech venture companies has increased more than three times in 5 years from $920 million in 2008 to $2.97 billion in 2013. Also, it was predicted that market share of US financial companies will drop from 85.7% in 2013 to 60% in 2020, and it is predicted that it will be replaced by Software (SW) companies [
15]. However, As the mobile payment service market growing, mobile payment services have been exposed to many threats [
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19]. So the requirement and security challenges for mobile Fintech payment service must be defined to develop a secure and convenience service. In order to securely provide such a mobile payment services, a variety of mobile payment and security studies are being conducted. Kadhiwal et al. defined security methods that can be applied to mobile payments according to type and summarized security properties, and Linck et al. proposed a security guideline that satisfies the customer by surveying and questioning mobile payment security issues from the customer’s viewpoint [
20,
21]. Dahlberg et al. categorized mobile payment research progress over 8 years from 2002 to 2015 based on the mobile payment framework [
4]. Also, Zhou et al. identified and analyzed the factors affecting continuance intention of mobile payments so that mobile payment service providers could continue to attract customers to use payment services [
22]. However, although many researches on mobile payment are being conducted, to the best of our knowledge, there is no research as of yet that summarizes the security requirements by comparing and analyzing the existing payment service and mobile Fintech payment service. In order to provide mobile Fintech payment service securely and conveniently in the rapidly growing mobile payment market, it is necessary to define requirements for Fintech payment service and classify security challenges. The study explained the mobile Fintech payment infrastructure comparing existing payment services to show the relationship between them and then analyzed the recent trends in mobile Fintech payment service to classify into form of providing payment service and organized the requirements that mobile Fintech payment services should have. Also, the study analyzed and categorized security challenges that mobile Fintech payment services face by suggesting the requirements for it.