The increasing number of smart phones presents a significant opportunity for the development of m-payment services. Despite the predicted success of m-payment, the market remains immature in most countries. This can be explained by the lack of agreement on standards and business models for all stakeholders in m-payment ecosystem. In this paper, the STOF business model framework is employed to analyze m-payment services from the point of view of one of the key players in the ecosystem i.e., banks. We apply Analytic Hierarchy Process (AHP) method to analyze the critical design issues for four domains of the STOF model. The results of the analysis show that service domain is the most important, followed by technology, organization and finance domains. Security related issues are found to be the most important by bank representatives. The future research can be extended to the m-payment ecosystem by collecting data from different actors from the ecosystem.