Blockchain technology has the potential to disrupt the banking and financial sector, even if existing institutions are unable to benefit from it. Most banks are looking to use blockchain technology for smart contracts, payments, and trading platforms in order to reduce fraud, secure and expedite transactions, cut costs, increase data quality, and enable Know Your Customer (KYC). In recent years, blockchain has gained a lot of attention as one of the most popular ways to secure data transfer through decentralized peer-to-peer systems. Blockchain is an immutable ledger that enables secure, decentralized transaction execution. This complex yet secure system has a stellar reputation and is attracting a growing number of clients. This paper proposes a new conceptual framework for using mobile payment blockchain technology to address the needs of customers (both consumers and business owners) for faster, safer, more affordable, real-time, and secure payments that also eliminate the need for intermediary parties to approve and reconcile transactions. The framework reduces operational risk by ensuring the transparency and immutability of all transactions.