Systems and methods for providing token generation and password verification are disclosed. The system may be configured to receive a password input by a user, wherein the password is not stored on the system prior to receiving the password, and to generate an encryption key based on the password. The system may further be configured to decrypt a token using the encryption key and, in response to verifying that the token was properly decrypted, decrypting a credential using the encryption key. The system may additionally be configured to initiate a near-field communication transaction with a reader using the decrypted credential.
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