A method securely manages smart card transactions. A processing entity receives a smart card identifier from a smart card, where the smart card is a virtual card on a mobile computing device that comprises a processor, where the smart card identifier is a transaction-specific identifier for a transaction. A protected application is received at the mobile computing device, where a received protected application initially cannot be utilized by an operating system for execution by the processor. A security object is received at the mobile computing device, where the security object is used to convert the received protected application into an executable application that can be utilized by the operating system for execution by the processor. The processor executes the executable application to act as the virtual card, where the virtual card provides a functionality of a predefined physical electronic card.