A host electronic device in a system comprising a merchant subsystem, a commercial entity subsystem, and a client electronic device, the host electronic device comprising: an online communications component for network-based communication; a secure element and a host credential application (153a, 153b) provisioned on the secure element; and a processor configured to: receive, using the online communications component and from the client electronic device that is associated with a same user account as the host electronic device, payment request data corresponding to a financial transaction between the client electronic device and the merchant subsystem, the payment request data comprising: merchant subsystem identifier information that identifies the merchant subsystem; and host credential application identifier information that identifies the host credential application (153a, 153b); generate, on the secure element using the host credential application (153a, 153b) identified by the received payment request data, first data that comprises host payment credential data; generate, on the secure element, second data by encrypting the first data and the merchant subsystem identifier information of the received payment request data with a first key that is a shared secret between the host electronic device and the commercial entity subsystem; transmit, to the commercial entity subsystem using the online communications component, the second data; receive third data that comprises the first data encrypted with a second key that is associated with the merchant subsystem identifier information; and transmit to the client electronic device the received third data to fund at least a portion of the financial transaction between the client electronic device and the merchant subsystem. an online communications component for network-based communication; a secure element and a host credential application (153a, 153b) provisioned on the secure element; and a processor configured to: receive, using the online communications component and from the client electronic device that is associated with a same user account as the host electronic device, payment request data corresponding to a financial transaction between the client electronic device and the merchant subsystem, the payment request data comprising: merchant subsystem identifier information that identifies the merchant subsystem; and host credential application identifier information that identifies the host credential application (153a, 153b); generate, on the secure element using the host credential application (153a, 153b) identified by the received payment request data, first data that comprises host payment credential data; generate, on the secure element, second data by encrypting the first data and the merchant subsystem identifier information of the received payment request data with a first key that is a shared secret between the host electronic device and the commercial entity subsystem; transmit, to the commercial entity subsystem using the online communications component, the second data; receive third data that comprises the first data encrypted with a second key that is associated with the merchant subsystem identifier information; and transmit to the client electronic device the received third data to fund at least a portion of the financial transaction between the client electronic device and the merchant subsystem. merchant subsystem identifier information that identifies the merchant subsystem; and host credential application identifier information that identifies the host credential application (153a, 153b); generate, on the secure element using the host credential application (153a, 153b) identified by the received payment request data, first data that comprises host payment credential data; generate, on the secure element, second data by encrypting the first data and the merchant subsystem identifier information of the received payment request data with a first key that is a shared secret between the host electronic device and the commercial entity subsystem; transmit, to the commercial entity subsystem using the online communications component, the second data; receive third data that comprises the first data encrypted with a second key that is associated with the merchant subsystem identifier information; and transmit to the client electronic device the received third data to fund at least a portion of the financial transaction between the client electronic device and the merchant subsystem.