There are many reasons why contactless payment services such as digital wallets are becoming popular. Firstly, it’s pretty cool to simply take out your smartphone and scan, pay and be on your way – without even taking out your wallet. And for those who love to shop online, the fact that you don’t have to fill in all your details every time you make an online purchase, is another great benefit.
But even greater than the cool factor and the convenience of using a digital wallet, is the fact that it’s easier to keep your money safe.
How a digital wallet keeps your money safe Capitec Masterpass™ by Mastercard® not only has extra layers of security that protect you from fraud or theft, it also lets you pay faster and more securely by storing all of your payment information in one secure location.
All of your account information is encrypted, which means that your actual account numbers aren’t stored on your phone. When you make a payment, the merchant doesn’t see or receive your credit card details, regardless of whether it’s an in-store or online payment. Instead, a random transaction number is used, which is only valid for a limited amount of time.
Digital wallets also only access the funds that you make available. So that when a purchase is made, only the amount for that specific transaction can go off your account, nothing more.
Other security measures include authentication methods. There are different authentication methods when it comes to digital wallets. These can include fingerprint scans, passwords and even a password pattern. With Capitec Masterpass, every purchase is authorised by your bank card PIN
What if I lose my phone?
Digital wallets are password locked, so you don’t have to worry if your phone goes missing. Your personal PIN is also required to make a payment on the app. And as mentioned, your actual card information is not stored on your device.
TIP: To make your smartphone even more secure, set up a password or fingerprint identification to unlock your phone. This reduces the risk of someone accessing any of your apps if your phone gets lost.