Conducting transactions using electronic devices with non-native credentials

A host electronic device comprising:

• a communications component;
• a secure element and a host credential application provisioned on the secure element;
• and
• a processor that:
• receives, from a client electronic device using the communications component, payment request data corresponding to a transaction between the client electronic device and a merchant subsystem, the payment request data comprising:
• merchant identifier information that identifies the merchant subsystem;
• and
• host credential application identifier information that identifies the host credential application provisioned on the secure element;
• generates, on the secure element using the host credential application identified by the received payment request data, first data that comprises host payment credential data;
• generates, on the secure element, second data by encrypting the first data with a first key;
• transmits, to a commercial entity subsystem using the communications component, the second data and the merchant identifier information of the received payment request data;
• and
• receives third data that comprises the first data encrypted with a second key that is associated with the merchant identifier information.

A non-transitory computer-readable storage medium storing at least one program, the at least one program comprising instructions, which when executed by a host electronic device comprising a secure element and a host credential application provisioned on the secure element, cause the host electronic device to:

• receive, from a client electronic device, payment request data that comprises:
• a merchant identifier that identifies a merchant subsystem;
• and
• a host credential application identifier that identifies the host credential application;
• generate, on the secure element using the host credential application identified by the received payment request data, first data that comprises host payment credential data;
• generate second data by encrypting the first data with a first key;
• and
• transmitting, to a commercial entity subsystem, the second data and the merchant identifier of the received payment request data.