An improved system and method for data card emulation involves a portable electronic device that can emulate any one of multiple data cards corresponding to multiple entities. The portable electronic device includes a memory for storing data card information corresponding to data cards of the multiple entities, a radio frequency interface for identifying an entity and conveying information supporting a transaction between the entity and a user of the portable electronic device, a processor for retrieving from the memory a data card information of a data card of the identified entity used by the processor to support the transaction, and a touch screen display that displays information about the transaction.