Systems and methods for conducting transactions using a surrogate pin

Abstract

System and methods for conducting transactions using a surrogate PIN are disclosed. In one embodiment, at a mobile payment platform comprising at least one computer processor, a method for conducting a transaction may include: (1) receiving an identification of a debit-based payment instrument from an electronic wallet; (2) receiving, from a payment switch, a token for the debit-based payment instrument and a limited use key; (3) associating the token and limited use key with the debit-based payment instrument; and (4) providing the token and limited use key to a digital payment platform for transacting. A surrogate PIN may be provided to a debit payment network from one of the payment switch and a digital payment platform for an issuer.

1 - 13 . (canceled) 
     
     
         14 . A method for conducting a transaction, comprising;
 receiving, by a third-party payment switch and from a merchant backend, a transaction comprising a payment token for a stored value payment instrument, wherein the stored value payment instrument is a debit-based payment instrument that has a pre-loaded dollar amount;   generating, by the third-party payment switch, a surrogate PIN for the payment token using a limited use key;   executing, by the third-party payment switch, a funding transaction that funds the stored value payment instrument for the transaction, wherein the funding transaction increases the pre-loaded dollar amount; and   providing, by the third-party payment switch, a PIN debit transaction comprising the payment token and the surrogate PIN to Flail the merchant backend, wherein the merchant backend conducts the PIN debit transaction on a debit payment network using the payment token and the surrogate PIN.   
     
     
         15 . The method of  claim 14 , wherein the funding transaction comprises an open-loop transaction. 
     
     
         16 . The method of  claim 14 , wherein the funding transaction comprises a closed-loop transaction. 
     
     
         17 . (canceled) 
     
     
         18 . The method of  claim 14 , wherein the funding transaction is conducted for an amount of the transaction. 
     
     
         19 . (canceled) 
     
     
         20 . The method of  claim 14 , wherein merchant receives the payment token as a machine-readable code. 
     
     
         21 . The method of  claim 20 , wherein the machine-readable code comprises a NFC transmission. 
     
     
         22 . The method of  claim 20 , wherein the machine-readable code comprises a QR code. 
     
     
         23 . The method of  claim 22 , wherein the payment token is received from an electronic wallet executed by a mobile electronic device. 
     
     
         24 . A system, comprising:
 a merchant backend; and   a third-party payment switch;   wherein:
 the merchant backend receives a transaction comprising a payment token for a stored value payment instrument from a mobile wallet, wherein the stored value payment instrument is a debit-based payment instrument that has a pre-loaded dollar amount; 
 the merchant backend provides the transaction to the third-party payment switch; 
 the third-party payment switch generates a surrogate PIN for the payment token using a limited use key; 
 the third-party payment switch executes a funding transaction that funds the stored value payment instrument for the transaction, wherein the funding transaction increases the pre-loaded dollar amount; 
 the third-party payment switch provides a PIN debit transaction comprising the payment token and the surrogate PIN to the merchant backend; and 
 the merchant backend conducts the PIN debit transaction on a debit payment network using the payment token and the surrogate PIN. 
   
     
     
         25 . The system of  claim 24 , wherein the funding transaction comprises an open-loop transaction. 
     
     
         26 . The system of  claim 24 , wherein the funding transaction comprises a closed-loop transaction. 
     
     
         27 . The system of  claim 24 , wherein the funding transaction is conducted for an amount of the transaction. 
     
     
         28 . The system of  claim 24 , wherein merchant receives the payment token as a machine-readable code. 
     
     
         29 . The system of  claim 28 , wherein the machine-readable code comprises a NFC transmission. 
     
     
         30 . The system of  claim 28 , wherein the machine-readable code comprises a QR code. 
     
     
         31 . A non-transitory computer readable storage medium, including instructions stored thereon, which when read and executed by one or more computer processors, cause the one or more computer processors to perform steps comprising:
 receiving, from a merchant backend, a transaction comprising a payment token for a stored value payment instrument, wherein the stored value payment instrument is a debit-based payment instrument that has a pre-loaded dollar amount;   generating a surrogate PIN for the payment token using a limited use key;   executing a funding transaction that funds the stored value payment instrument for the transaction, wherein the funding transaction increases the pre-loaded dollar amount; and   providing a PIN debit transaction comprising the payment token and the surrogate PIN to the merchant backend, wherein the merchant backend conducts the PIN debit transaction on a debit payment network using the payment token and the surrogate PIN.   
     
     
         32 . The non-transitory computer readable storage medium of  claim 31 , wherein the funding transaction comprises an open-loop transaction. 
     
     
         33 . The non-transitory computer readable storage medium of  claim 31 , wherein the funding transaction comprises a closed-loop transaction. 
     
     
         34 . The non-transitory computer readable storage medium of  claim 31 , wherein the funding transaction is conducted for an amount of the transaction. 
     
     
         35 . The non-transitory computer readable storage medium of  claim 31 , wherein merchant receives the payment token as a machine-readable code. 
     
     
         36 . The non-transitory computer readable storage medium of  claim 35 , wherein the machine-readable code comprises a NFC transmission. 
     
     
         37 . The non-transitory computer readable storage medium of  claim 35 , wherein the machine-readable code comprises a QR code.