With the popularization of digital payment, people enjoy more convenient payment services. However, the potential risk of transaction privacy disclosure remains a concern. Unfortunately, existing research still has some limitations when it comes to addressing this issue. Therefore, this paper proposes an incentive mechanism for enhancing transaction privacy based on reputation perception and double auction. Specifically, a system model of digital payment collaborative transactions is established, which can cut off the correlation between the two parties of the actual transaction by cooperating with multiple users. In this way, it is feasible to disturb the mapping relationship between the user and his transaction information, thereby protecting the user’s transaction privacy. More importantly, to motivate users to participate in collaborative transactions and restrain their selfishness, an incentive mechanism based on reputation perception and double auction is proposed. Theoretical analysis and extensive experiments show that the proposal is able to protect the transaction privacy of digital payment users effectively.