The rapid adoption of mobile payment (M-payment) services is significantly hindered by privacy risks that users face, which can deter their willingness to engage in such transactions. Concerns regarding data breaches, unauthorized access, and phishing scams contribute to a pervasive sense of insecurity among consumers. As mobile payments require the transmission of sensitive personal and financial information, any perceived threat to privacy can lead to a reluctance in adopting these technologies. Moreover, the increasing sophistication of cyber-attacks, including man-in-the-middle attacks and fraudulent applications, exacerbates these fears, making users wary of potential identity theft and financial loss. Understanding these privacy risks is crucial for stakeholders aiming to enhance user trust and promote broader acceptance of M-payment services, ultimately leading to more secure and user-friendly payment solutions.