An electronic device is provided. The electronic device includes a first memory unit for storing a non-payment application, a first processor, a fingerprint sensing unit and a security element including a second memory unit and a second processor. The second memory unit stores a payment application and user fingerprint information. When the second processor executes the payment application, the fingerprint sensing unit captures a fingerprint image of a user's finger and the second processor transmits the fingerprint image to the first processor via a secure channel. The first processor calculates biometric characteristics of the fingerprint image to generate to-be-recognized fingerprint information which is transmitted to the second processor via the secure channel. When the second processor determines that the to-be-recognized fingerprint information matches the user fingerprint information, the second processor generates an authentication signal for a payment transaction.