The invention discloses a high-safety portable payment receiving device which comprises a storage module, a payment information reading and setting module, a terminal user identity recognition module, a communication module, an input-output module and a microcontroller. The invention further discloses a high-safety portable payment receiving method for the device. The high-safety portable payment receiving method comprises the steps of setting, payment receiving and payment. When the device is worn, the method can also comprise the step of wearing verification. The device and the method perform user identity pre-setting through a biosensor and perform authentication and recognition through the biosensor when being used, a step of manually inputting passwords and other information to perform login authentication is omitted, multiple-step operation in the payment receiving process is also remarkably decreased, convenient, fast and safe adjacent electronic payment receiving is achieved, the safety, confidentiality and usability are greatly improved, and an application range of population is widened. In addition, the device can be a watch, a bracelet, a ring or other wearable styles, can also built in a wearable accessory and is convenient and fashionable.