Systems and methods for processing transactions using a wallet

A non-transitory computer readable medium constituting a wallet, the computer readable medium including code and the computer readable medium being tangibly embodied, the computer readable medium comprising:

• a first portion that inputs and outputs information;
• and a second portion, the second portion:
• storing token information of a customer, the token information associated with real credentials of the customer, the real credentials constituted by an account number of the customer, the token information comprising an account token and a transaction token;
• interfacing with a customer device, to perform a transaction, including:
• receiving a predetermined credential from the customer device to thereby transfer control of processing of a pending transaction between the customer and a merchant from a point of sale (POS) system of the merchant to the wallet;
• receiving, at the customer device, transaction information of the pending transaction from the merchant's POS system;
• receiving, at the customer device via the wallet, confirmation from the customer that the transaction information is correct;
• generating the transaction token based on the transaction information and the customer confirmation;
• and
• outputting the token information to the merchant's POS system from the customer device via the wallet during the pending transaction;
• and then:
• inputting the token information from a payment entity, the payment entity having received the token information from the POS system, and the POS system having received the token information from the customer device;
• associating the token information of the customer with real credentials of the customer stored in a wallet vault that is distinct from the wallet;
• outputting the real credentials from the wallet vault to the payment entity, the real credentials corresponding to the token information;
• authorizing the transaction with the payment entity;
• and
• sending an authorization response to the merchant's POS system.

A method performed by a wallet, the wallet in the form of a tangibly embodied processing machine disposed in communication with a financial payment network, the method comprising:

• storing token information of a customer, the token information associated with the real credentials of the customer, the real credentials constituted by an account number of the customer, the token information comprising an account token and a transaction token;
• interfacing with the wallet using a customer device, to perform a transaction, including:
• receiving a predetermined credential from the customer device to thereby transfer control of processing of a pending transaction between the customer and a merchant from a point of sale (POS) system of the merchant to the wallet;
• receiving, at the customer device, transaction information of the pending transaction from the merchant's POS system and customer information from the customer device, the customer device interfacing with the merchant's POS system;
• receiving, at the customer device via the wallet, confirmation from the customer that the transaction information is correct;
• generating the transaction token based on the transaction information and the customer confirmation;
• and
• outputting the token information to the merchant's POS system from the customer device via the wallet during the pending transaction upon receiving confirmation from the customer;
• and then:
• inputting the token information from a payment entity, the payment entity having received the token information from the POS system, and the POS system having received the token information from the customer device;
• associating the token information of the customer with real credentials of the customer stored in a wallet vault that is distinct from the wallet;
• outputting the real credentials from the wallet vault to the payment entity, the real credentials corresponding to the token information;
• authorizing the transaction with the payment entity;
• and
• sending an authorization response to the merchant's POS system.