Communications device, point of sale device, payment device and methods

A method, comprising:

• receiving, at a payment device associated with a financial institution, request data from a communications device associated with a user, wherein the request data corresponds to a request for a secure limited use key (SLUK), wherein the SLUK is configured for use by the communications device for an electronic payment process with a point of sale (POS) device;
• generating, at the payment device, a first limited use key (LUK), in response to the received request data, based on a variable code, a user identifier associated with the user, and a financial institution key associated with the financial institution;
• determining, at the payment device, character positions for a passcode using a predetermined algorithm based on a secret key associated with the user, the user identifier, and the variable code, wherein the passcode is associated with the user, and wherein the character positions correspond to a subset of characters of the passcode;
• determining, at the payment device, the subset of characters of the passcode based on the determined character positions;
• generating, at the payment device, the SLUK based on the first LUK and the determined subset of characters of the passcode;
• and
• transmitting, from the payment device, the SLUK and the variable code to the communications device.