Method and system for secure authentication of user and mobile device without secure elements

摘要

A method for generating payment credentials in a payment transaction includes: storing in the memory at least a one-time key associated with a transaction account; Receiving, by the receiving apparatus, a personal identification number; Identifying, by the processing device, a first session key; Generating, by the processing device, a second session key based on at least the stored one-time key and the received personal identification number; Generating, by the processing device, a first application password based at least on the first session key; Generating, by the processing device, a second application password based at least on the second session key; And transmitting, by the transmission device, at least the first application password and the second application password for use in a payment transaction.