Multi-function smart tokenizing electronic payment device

A smart tokenizing multi-function electronic device operable to:

• receive a user's request initiating a payment transaction, via a user-interface disposed of the electronic device;
• dynamically generate, at the electronic device, a limited-use payment information, and
• render on the user-interface a graphical image representing the limited-use payment information,
• wherein said limited-use payment information is dynamically generated based on at least:
• an information of a specific user of the electronic device, and
• an identifier of a specific merchant for which the payment transaction is limited to be performed with;
• and
• use said limited-use payment information in connection with the payment transaction in place of an issuer payment information associated with a user selected payment account;
• responsive to transmitting the limited-use payment information, receive status information at the electronic device reflecting a status of said payment transaction via an interface of the electronic device;
• and
• convey said status information to said specific user via the user-interface.

A system of performing a payment transaction, the system comprising:

• a smart tokenizing multi-function electronic device having a touch-screen display;
• a merchant reader facility operable to receive a generated payment information graphically rendered by the electronic device on the display of the electronic device;
• and
• an application executed on the electronic device, wherein the electronic device is further operable to display a user selectable on-screen element for completing a payment transaction, on the touch-screen display;
• responsive to a user selection of the on-screen element, the electronic device operable to display at least one account, selectable for performing the payment transaction;
• responsive to a user selection of the at least one account displayed, the electronic device operable to select a limited-use payment information related to the at least one account selected;
• wherein the electronic device is further operable to display the limited-use payment information on said touch-screen display for a use in place of said account;
• wherein the limited-use payment information is dynamically-generated on the electronic device, unique to a combination of an information consisting of:
• a unique identifier of the electronic device,
• a prescribed period of time,
• an information associated with the at least one account selected,
• a selected combination of the at least one account, and
• an information specific to the specific merchant;
• wherein the electronic device is further operable to display on the touch screen display, a graphical image of the dynamically-generated payment information for a reading by the merchant reader facility, when performing said payment transaction;
• and
• wherein the electronic device is further operable to update the touch-screen display with updated limited-use information dynamically regenerated from at least one of:
• a sequential count of each sequential transactional use;
• an expiration of a time window for which the updated limited-use information is valid for use.