A method of binding a magnetic stripe transporter to a user account set-up on a server, comprising: determining, by an application on a mobile communication device, that the MST is connected to the mobile communication device, the MST to be used in conjunction with the application to emit magnetic pulses corresponding to magnetic stripe card data; sending, by the application after determining that the MST is connected and the MST has not been bound to a user account, a query for binding information to the MST; generating, by the MST, a random number R MST; sending, by the MST to the application, a response to the query, the response comprising the random number R MST and a unique identifier of the MST ID MST; sending, by the application, a binding request to the server, the binding request including account information in the form of a username and password associated with the user account, and comprising the random number R MST and the unique identifier of the MST; receiving, by the application, a binding token from the server in response to the binding request, the binding token signed using a key corresponding to the MST, and comprising a personal identification number and the random number R MST, the PIN being a secret associated with the user account that was shared between the server and a user during set-up; sending the binding token to the MST; verifying, by the MST, that the binding token was signed using the key corresponding to the MST and that the random number R MST in the binding token matches the random number R MST in the response to the query; and installing the PIN in the MST after verifying the binding token, thereby binding the MST to the user account wherein the PIN is used to authenticate the user before allowing the user to operate the MST. determining, by an application on a mobile communication device, that the MST is connected to the mobile communication device, the MST to be used in conjunction with the application to emit magnetic pulses corresponding to magnetic stripe card data; sending, by the application after determining that the MST is connected and the MST has not been bound to a user account, a query for binding information to the MST; generating, by the MST, a random number R MST; sending, by the MST to the application, a response to the query, the response comprising the random number R MST and a unique identifier of the MST ID MST; sending, by the application, a binding request to the server, the binding request including account information in the form of a username and password associated with the user account, and comprising the random number R MST and the unique identifier of the MST; receiving, by the application, a binding token from the server in response to the binding request, the binding token signed using a key corresponding to the MST, and comprising a personal identification number and the random number R MST, the PIN being a secret associated with the user account that was shared between the server and a user during set-up; sending the binding token to the MST; verifying, by the MST, that the binding token was signed using the key corresponding to the MST and that the random number R MST in the binding token matches the random number R MST in the response to the query; and installing the PIN in the MST after verifying the binding token, thereby binding the MST to the user account wherein the PIN is used to authenticate the user before allowing the user to operate the MST.