System and method for generating a single-use time-limited purchase code for completing transactions with a portable computing device

A method for completing a transaction with a portable computing device, the method comprising:

• receiving credentials from a communications network for accessing a purchase code account;
• receiving a request for a purchase code from a communications network, the request further comprising a purchase amount and first location information;
• determining if a funding account has sufficient funds to cover the purchase amount;
• if the funding account has sufficient funds to cover the purchase amount, then generating a first instance of a single-use time limited purchase code for completing the transaction;
• and
• transmitting the first instance of the single-use time limited purchase code over the communications network;
• receiving a transaction amount, a second instance of the single-use time limited purchase code, and second location information from the communications network;
• and
• determining if the transaction relates to an unknown-purchase-amount.

A system for completing a transaction with a portable computing device, the system comprising

• means for receiving a request for a purchase code from a communications network, the request further comprising a purchase amount and first location information;
• means for determining if a funding account has sufficient funds to cover the purchase amount;
• means for generating a first instance of a single-use time limited purchase code for completing the transaction if the funding account has sufficient funds to cover the purchase amount;
• means for transmitting the first instance of the first single-use time limited purchase code over the communications network;
• means for receiving a transaction amount, a second instance of the single-use time limited purchase code, and second location information from the communications network;
• and
• means for determining if the second instance of the time limited purchase code matches the first instance of the single-use time limited purchase code.