Patent ID: 8150767

Claim:
A method for conducting a payment transaction over a computer network between a consumer and a merchant involving a payment card issued by an issuer institution to the consumer, wherein the computer network includes at least three computers connected thereto, a consumer computer operated by or on behalf of the consumer, a merchant computer operated by or on behalf of the merchant, and a wallet server at a location remote from said consumer that provides functionality for the consumer computer to conduct transactions over the computer network, and wherein the payment card is in a form of either a chip card or a non-chip card, the method comprising: receiving a request at the remote wallet server from the consumer computer for conducting a payment function with the merchant computer; in response to the request, conducting the payment transaction by the remote wallet server with the merchant computer in a format compliant with a chip card electronic commerce protocol or specification, wherein the remote wallet server and the issuer institution have a shared secret data object; generating a cryptogram by the remote wallet server based on the shared secret data object between the remote wallet server and the issuer institution; and sending payment-related information and the cryptogram by the remote wallet server to the merchant computer in response to the request by the consumer computer.