Systems and methods for generating shared secret key for transaction cards

A method for generating a shared secret key for a transaction card, comprising:

• providing the transaction card comprising a transaction card private key and a transaction card public key derived from the transaction card private key;
• providing a server comprising a server private key and a server public key derived from the server private key;
• opening, by a user device, a communication field;
• reading, by the user device, the transaction card public key;
• transmitting, by the user device, the transaction card public key to the server, wherein the server generates a shared secret key from the transaction card public key and the server private key;
• receiving, by the user device, the server public key from the server;
• and
• transmitting, by the user device, the server public key to the transaction card, wherein the transaction card generates the same shared secret key from the server public key and the transaction card private key.

A non-transitory computer readable medium containing computer executable instructions that, when executed by a computer hardware arrangement, cause the computer hardware arrangement to perform procedures for generating a shared secret key for a transaction card comprising:

• opening a communication field;
• reading, from the transaction card upon entering the communication field, a transaction card public key derived from a transaction card private key;
• transmitting the transaction card public key to a server, wherein the server generates a shared secret key from the transaction card public key and a server private key;
• receiving, from the server, a server public key derived from the server private key;
• and
• transmitting the server public key to the transaction card, wherein the transaction card generates the same shared secret key from the server public key and the transaction card private key.