Patent ID: 8346639

Claim:
A portable consumer device comprising: a processor chip; and memory coupled to the processor chip, the memory storing: retail application data for use in connection with a retail transaction, the retail application data having a retail application data field configuration for use with a retail processing system of an issuer that receives the retail application data and processes it to either authorize or deny payment for a retail transaction, the retail application data including a retail primary account number (PAN) that is associated with the retail application data and that identifies an account from which the payment is made, and the retail application data field configuration of the retail application data corresponds to a standardized format that includes selective authorization for merchant field categories that can be configured by the issuer to limit authorization of the retail transaction in accordance with the merchant field categories such that at least one predetermined merchant field category is accepted by the issuer for authorization of the retail transaction; and access transaction application data for use in connection with an access transaction, the access transaction application data comprising a separate installation from the retail application data and having an access transaction application data field configuration for use with a reader of an agency from which the access transaction application data is received, wherein the access transaction application data field configuration of the access transaction application data is substantially similar to the retail application data field configuration, except that the access transaction application data includes an access transaction PAN that is used by the issuer to selectively authorize the access transaction and is used by the agency to grant access to a particular location at the reader, and the access transaction application data field configuration of the access transaction application data includes at least one data field that supports selective authorization for merchant field categories that can be configured by the issuer to limit authorization of the access transaction in accordance with the merchant field categories such that at least one predetermined merchant field category is not accepted by the agency for authorization of the access transaction; wherein the access transaction application data further includes a transit verification value (TVV) that is adapted for offline verification processing in connection with the portable consumer device, wherein the access transaction application data field configuration of the access transaction application data conforms to a magnetic stripe data (MSD) configuration, wherein the TVV occupies a Personal Identification Number (PIN) data field of the MSD configuration, and wherein the TVV is implemented as a dynamic value and is variable by the processor chip of the portable consumer device.