Systems and methods for providing transaction tokens for mobile devices

A first system for authorizing transactions using payment tokens, the first system comprising:

• a contactless payment terminal (CPT) configured to receive wireless communications from a mobile device;
• at least one processor;
• and
• a memory storing instructions that, when executed by the at least one processor, cause the at least one processor to perform operations comprising:
• initiating, with the mobile device, a purchase transaction of a product;
• establishing a wireless communications connection with the mobile device;
• receiving, by the wireless communications connection, a mobile payment token from the mobile device;
• receiving a transaction detail associated with the purchase transaction;
• determining, based on the mobile payment token and the transaction detail, that the mobile payment token for the purchases transaction satisfies a purchase restriction;
• and
• transmitting, to a second system remote from the first system, a request to authorize use of the mobile payment token.

A computer-implemented method for authorizing transactions using payment tokens, comprising:

• initiating, with a mobile device, a purchase transaction of a product;
• establishing a wireless communications connection with the mobile device;
• receiving, by the wireless communications connection, a mobile payment token from the mobile device;
• receiving a transaction detail associated with the purchase transaction;
• determining, based on the mobile payment token and the transaction detail, that the mobile payment token for the purchases transaction satisfies a purchase restriction;
• and
• transmitting, to a second system remote from a first system, a request to authorize use of the mobile payment token.

A system for authorizing transactions using payment tokens, the system comprising:

• a contactless payment terminal (CPT) configured to receive wireless communications from a mobile device;
• at least one processor;
• and
• a memory storing instructions that, when executed by the at least one processor, cause the at least one processor to perform operations comprising:
• initiating, with the mobile device, a purchase transaction of a product;
• establishing a wireless communications connection with the mobile device;
• receiving, by the wireless communications connection, a mobile payment token from the mobile device;
• receiving a transaction detail associated with the purchase transaction;
• and
• determining, based on a comparison of information in the mobile payment token to the transaction detail, that the mobile payment token for the purchases transaction satisfies a purchase restriction.