A portable wireless device for performing proximity transactions comprising: a long range wireless communication element; a short range communication element; a processor coupled to the long range wireless communication element and the short range communication element; a memory coupled to the processor, the memory comprising computer code for receiving a PIN or password from a consumer to unlock the portable wireless device, computer code for receiving a selection of an account from the consumer, computer code for sending a request for a pseudo account identifier associated with the selected account to a remote server computer over a first network using the long range wireless communication element, computer code for receiving the pseudo account identifier that corresponds to a primary account identifier, wherein the pseudo account identifier is generated by the remote server computer and was sent over the first network and is received by the portable wireless device using the long range communication element, wherein the pseudo account identifier is generated by the remote server computer in response to the request, and wherein the generation of the pseudo account identifier by the remote server computer and retrieval of the pseudo account identifier by the portable wireless device are transparent to the consumer, computer code for providing the pseudo account identifier to an access device comprising a reader using the short range communication element, wherein the access device sends an authorization request message comprising the pseudo account identifier to a payment processing network over a second network, wherein the payment processing network converts the pseudo account identifier into the corresponding primary account identifier and sends the authorization request message to an issuer computer, and wherein the consumer thereafter receives an authorization response message, wherein the authorization response message indicates if the transaction is approved or not approved, and computer code for storing at least one primary account identifier. a long range wireless communication element; a short range communication element; a processor coupled to the long range wireless communication element and the short range communication element; a memory coupled to the processor, the memory comprising computer code for receiving a PIN or password from a consumer to unlock the portable wireless device, computer code for receiving a selection of an account from the consumer, computer code for sending a request for a pseudo account identifier associated with the selected account to a remote server computer over a first network using the long range wireless communication element, computer code for receiving the pseudo account identifier that corresponds to a primary account identifier, wherein the pseudo account identifier is generated by the remote server computer and was sent over the first network and is received by the portable wireless device using the long range communication element, wherein the pseudo account identifier is generated by the remote server computer in response to the request, and wherein the generation of the pseudo account identifier by the remote server computer and retrieval of the pseudo account identifier by the portable wireless device are transparent to the consumer, computer code for providing the pseudo account identifier to an access device comprising a reader using the short range communication element, wherein the access device sends an authorization request message comprising the pseudo account identifier to a payment processing network over a second network, wherein the payment processing network converts the pseudo account identifier into the corresponding primary account identifier and sends the authorization request message to an issuer computer, and wherein the consumer thereafter receives an authorization response message, wherein the authorization response message indicates if the transaction is approved or not approved, and computer code for storing at least one primary account identifier.