Systems and methods for payment management for supporting mobile payments

A system for payment management of mobile payments, the system comprising:

• one or more processors;
• a data storage storing instructions which, when executed by the one or more processors, cause the one or more processors to perform steps comprising:
• receiving, by a server of a payment management system connected to an electronic network, a unique code and a merchant ID from a point of sale terminal of a merchant, the unique code encoding a tokenized primary account number and an account issuer payment token, wherein:
• the unique code has been generated by a payment application installed in a mobile device of a user, the payment application enabling the user of the mobile device to pay for a transaction;
• and
• the unique code is received from the point of sale terminal of the merchant upon the unique code being presented, by the mobile device of the user, to the point of sale terminal of the merchant;
• transmitting, by the server of the payment management system, the unique code to a processing device of an account issuer, wherein the unique code is authenticated by the processing device of the account issuer;
• receiving, by the server of the payment management system, a primary account number from the processing device of the account issuer, wherein the primary account number has been retrieved from an account database upon successful authentication of the unique code by the processing device of the account issuer;
• validating, by the server of the payment management system, the merchant ID against merchant logs;
• upon successful validation of the merchant ID, generating, by the server of the payment management system, a transaction token based on the primary account number;
• transmitting, by the server of the payment management system, the transaction token to the point of sale terminal of the merchant;
• and
• completing, by the server of the payment management system, a transaction based at least in part on the transaction token that has been received from the point of sale terminal of the merchant.

A non-transitory computer readable medium for payment management of mobile payments, the non-transitory computer readable medium storing instructions which, when executed by one or more processors, cause the one or more processors to perform steps comprising:

• receiving, by a server of a payment management system connected to an electronic network, a unique code and a merchant ID from a point of sale terminal of a merchant, the unique code encoding a tokenized primary account number and an account issuer payment token, wherein:
• the unique code has been generated by a payment application installed in a mobile device of a user, the payment application enabling the user of the mobile device to pay for a transaction;
• and
• the unique code is received from the point of sale terminal of the merchant upon the unique code being presented, by the mobile device of the user, to the point of sale terminal of the merchant;
• transmitting, by the server of the payment management system, the unique code to a processing device of an account issuer, wherein the unique code is authenticated by the processing device of the account issuer;
• receiving, by the server of the payment management system, a primary account number from the processing device of the account issuer, wherein the primary account number has been retrieved from an account database upon successful authentication of the unique code by the processing device of the account issuer;
• validating, by the server of the payment management system, the merchant ID against merchant logs;
• upon successful validation of the merchant ID, generating, by the server of the payment management system, a transaction token based on the primary account number;
• transmitting, by the server of the payment management system, the transaction token to the point of sale terminal of the merchant;
• and
• completing, by the server of the payment management system, a transaction based at least in part on the transaction token that has been received from the point of sale terminal of the merchant.