Method and system for device level authentication in electronic transactions

A method for distributing data to a computing device using device level authentication, comprising:

• receiving, by a receiving device of a processing server, a personal identification number associated with a transaction account from a payment institution;
• receiving, by the receiving device of the processing server, from a computing device at least a device public key wrapped with a server public key corresponding to a server private key of a key pair associated with the processing server, device data, and a single use key encrypted by the payment institution using a first encryption;
• unwrapping, by the processing server, the device public key using the server private key;
• decrypting, by the processing server, the single use key using the personal identification number;
• encrypting, by the processing server, the single use key with a second encryption using the unwrapped device public key;
• electronically transmitting, by the transmitting device of the processing server, the single use key encrypted using the second encryption to the computing device;
• decrypting, by the computing device, the single use key encrypted with the second encryption using the server private key;
• identifying, by the computing device, payment credentials using the decrypted single use key;
• and
• electronically transmitting, by the transmitting device of the computing device, the decrypted single use key and the identified payment credentials to a point of sale device.

A system for distributing data to a computing device using device level authentication, comprising:

• a receiving device of a computing device configured to receive a single use key from a payment institution, the single use key encrypted by the payment institution using a first encryption, a server public key, and device data;
• the computing device configured to wrap the device public key using a server public key;
• a transmitting device of the computing device configured to electronically transmit at least the device data, the wrapped device public key, and the single use key to a server;
• the receiving device of the computing device configured to receive the single use key encrypted using a second encryption from the server, the second encryption using the device public key to encrypt the single use key;
• the computing device is further configured to decrypt the single use key encrypted with the second encryption using a device private keyl;
• and
• the transmitting device of the computing device is further configured to electronically transmit the decrypted single use key and payment credentials to a point of sale device.

A system for distributing data to a computing device using device level authentication, comprising:

• a receiving device of the processing server configured to receive a personal identification number associated with a transaction account from a payment institution;
• the receiving device of the processing server configured to receive from a computing device at least a device public key wrapped with a server public key corresponding to a server private key of a key pair associated with the processing server, device data, and a single use key encrypted by the payment institution using a first encryption;
• the processing server configured to unwrap the device public key using the server private key;
• the processing server configured to decrypt the single use key using the personal identification number;
• the processing server configured to encrypt the single use key using a second encryption using the unwrapped device public key;
• the transmitting device of the processing server is further configured to electronically transmit the single use key encrypted using the second encryption to the computing device;
• the computing device configured to decrypt the single use key encrypted with the second encryption using the device private key;
• the transmitting device of the computing device configured to electronically transmit the decrypted single use key to a point of sale device, wherein
• a memory of the computing device includes payment credentials, and
• the payment credentials are electronically transmitted to the point of sale device with the decrypted single use key.