The invention provides a user terminal and a payment system. The user terminal comprises an input device, a multi-channel selection switch, an application module, a processor, a password processing module, and a security IC chip containing information on user's ID and/or banking card therein, wherein the multi-channel selection switch is coupled with the input device, the password processing module and the processor, the password processing module is coupled with the processor, and the security IC chip is coupled with the password processing module; the application module controls the multi-channel selection switch via the processor so as to place the user terminal in a password input mode or in a normal input mode. The invention ensures the safety in entering the user's password in hardware configuration so that even when software system of the user terminal is not safe in itself, the safety of input password can be ensured.