Multi-function smart tokenizing electronic payment device

A computer implemented method performed by a payment processing facility, comprising at least one computing device to processes electronic payment requests, said method comprising:

• receiving an electronic payment request including a first information from a payment transaction, wherein said payment transaction originates from said payment transaction at a merchant's payment facility;
• determining a user, and an original payment issuer authority account information from said first information from said payment transaction;
• dynamically generating an authentic limited-use payment information;
• generating a comparison of said authentic limited-use payment information against at least a portion of the first information received in the payment transaction;
• rejecting as invalid a payment transaction failing said comparison and otherwise authorizing as valid a payment transaction succeeding said comparison, and wherein further, said authentic limited-use payment information is dynamically generated based on combining one or more limiting factors, selected from a set of limiting factors, consisting of:
• a unique-per-user user-identifying parameter,
• a unique-per-merchant merchant-identifying parameter,
• a unique-per-multi-function-electronic-device device-identifying parameter,
• a unique-per-issuer payment-issuer-authority-identifying parameter,
• a unique-per-multi-function-electronic-device device account number,
• a time-limit duration parameter,
• a usage count parameter,
• a recurrent usage-limit parameter,
• a balance amount parameter,
• an aggregate amount limit parameter,
• a transaction amount parameter,
• a transaction amount limit parameter,
• a transaction recurrence parameter,
• a transaction recurrence limit parameter, and
• a per-transaction sequential count parameter;
• and
• wherein selection of said one or more limiting factors is determined by said at least one computing device to have been combined within a multi-function electronic device when dynamically generating the first information, and
• said at least one computing device determining an original payment issuer authority information from a static portion of the authentic limited-use payment information, that is associated with a user selected payment account associated with the payment transaction;
• and
• responsive to the comparison, sending a status reflecting authorizing or rejecting of the payment transaction, to an original payment issuer authority.

A non-transitory computer-readable medium having instructions stored thereon that, responsive to execution by an electronic computing device which processes electronic payment requests, cause said electronic computing device to perform a method comprising:

• receiving an electronic payment request including a first information from a payment transaction, wherein said payment transaction originates from a multi-function electronic device performing said payment transaction at a merchant's payment facility;
• determining a user, and an original payment issuer authority account information from said first information from said payment transaction;
• dynamically generating an authentic limited-use payment information;
• generating a comparison of said authentic limited-use payment information against at least a portion of the first information received in the payment transaction;
• rejecting as invalid a payment transaction failing said comparison and otherwise authorizing as valid a payment transaction succeeding said comparison, and wherein further, said authentic limited-use payment information is dynamically generated based on combining one or more limiting factors, selected from a valid set of limiting factors;
• and
• wherein said one or more limiting factors were combined within the multi-function electronic device when dynamically generating the payment transaction, and
• said electronic computing device determining an original payment issuer authority information from a static portion of the authentic limited-use payment information, that is associated with a user selected payment account used in the payment transaction;
• and
• responsive to the comparison, sending a status reflecting authorizing or rejecting of the payment transaction, to an original payment issuer authority.