Abstract: In accordance with the teachings of the present disclosure, devices and methods for authenticating and authorizing a transaction without issuing a credit or debit card to a customer may include receiving an encrypted code from a mobile device participating in a transaction through a mobile application registered with a bank and decoding the encrypted code. The devices and methods may also include determining whether the decoded encrypted code has been validated by the bank and receiving a one-time access code, initiated by the bank in response to validation of the decoded encrypted code, from the mobile device. The devices and methods may further include authenticating the one-time access code and processing the transaction in response to authentication of the one-time access code.

Abstract: In accordance with the teachings of the present disclosure, devices and methods for authorizing a transaction may include steps of receiving a transaction initiation request from a user of a mobile application, generating a first encrypted code in response to receiving the transaction initiation request, and transmitting the first encrypted code to the mobile application. The steps also may include receiving a second encrypted code in response to transmission of the first encrypted code, determining whether the first encrypted code matches the second encrypted code. The steps may further include transmitting a one-time access code (OTAC), receiving a response to the OTAC, verifying the response to the OTAC, and authorizing the transaction in response to verifying the response to the OTAC. The steps may include receiving an acknowledgement message to apply to an account of the user for billing the transaction in response to authorizing the transaction.