System, method, and apparatus for updating an existing dynamic transaction card

A dynamic transaction card comprising:

• an energy storage device that provides power to the dynamic transaction card;
• an antenna that connects an account holder mobile device to the dynamic transaction card;
• data storage, wherein a backend system pushes a notification to the dynamic transaction card for storage in the data storage;
• and
• an integrated circuit in communication with a microprocessor for conducting secure transactions, wherein the microprocessor:
• receives new account data and an associated encryption key identifier via the antenna from the account holder mobile device, the new account data and the associated encryption key identifier provided by the backend system and relayed to the dynamic transaction card via the account holder mobile device;
• executes a pre-loaded script to update account data with the new account data;
• associates a pre-stored encryption key with the new account data using the associated encryption key identifier thereby creating updated account data;
• and
• transmits a transaction request associated with the new account data, wherein the transaction request is encrypted with the associated pre-stored encryption key.

A backend system for updating a dynamic transaction card, comprising:

• data storage storing new account data and an encryption key identifier associated with the new account data:
• a processor storing instructions that, when executed,
• determines that a dynamic transaction card, associated with the backend system, requires the new account data and the encryption key identifier;
• transmits the new account data and the encryption key identifier associated with the new account data to an account holder mobile device associated with the dynamic transaction card, wherein the account holder mobile device transmits the new account data and the encryption key identifier associated with the new account data to the dynamic transaction card, and wherein the dynamic transaction card comprises:
• an energy storage device that provides power the dynamic transaction card;
• and
• an antenna that enables the account holder mobile device to connect to the dynamic transaction card;
• an integrated circuit in communication with a microprocessor for conducting secure transactions, wherein the microprocessor, upon receiving the new account data and the encryption key identifier from the account holder mobile device via the antenna, executes a pre-loaded script to update account data with the new account data and associates a pre-stored encryption key with the new account data using the encryption key identifier thereby creating updated account data;
• and
• data storage, wherein a backend system pushes a notification to the dynamic transaction card for storage in the data storage, and
• receives a transaction request associated with the new account data, wherein the transaction request is encrypted with the associated pre-stored encryption key.