During the pandemic, purchases via apps and smartphones have increased the most, since they avoid passing cards and cash from hand to hand. But now, in addition to protection against the virus, there is a new e-wallet that allows you to defend yourself from online theft and fraud: here’s how
Despite the general fall in spending caused by the coronavirus pandemic, which led to lockdowns and restrictions that caused the closure of many shops, cafes, restaurants and economic and commercial activities, 2020 saw a genuine boom in digital payments, which, according to the data analysed by the Observatory on Innovative Payments at Politecnico di Milano’s School of Management, increased from 29% to 33% of the total value of payments in our country, reaching 5.2 billion transactions worth 268 billion euros.
According to the study, payments via contactless cards increased the most (29% increase), but also those made via wearable devices and payment apps installed on smartphones, which increased by 80% compared to the previous year. This success, according to the report, can be attributed among other things to the ability to make payments without physically passing cash and payment cards from hand to hand, thus minimizing the chance of spreading or contracting the coronavirus at the time of contact.
But although fear of the virus and the search for payment methods that can protect consumers were among the main factors driving the boom, we often underestimate, on the other hand, the danger presented by online fraud and theft, which are also “viruses”. And even though they are clearly not comparable to Covid, they are still dangerous: not for health of course (at least not directly), but definitely for the savings of the potential victims.
In order to protect ourselves from the pandemic, we are all now used to masks and hand sanitizer, but protecting ourselves from the dangers and pitfalls of the digital world can be more complex. However, this problem can be alleviated by payment services that do more than function as “digital wallets” while putting security first.
MuchBetter certainly stands out among these; apart from the “usual” biometric transaction authorisations (that is, Touch ID or Face ID), the multi-award-winning payment app is the first in the world to introduce dynamic CVV codes to authorise online payments using the free debit card linked to one’s account.
The CVV code is the 3-digit number on the back of credit cards that is requested to confirm online payments. However, that code is not printed on the card issued by MuchBetter (linked to the Mastercard circuit), because when a transaction needs to be authorised, it is generated directly by the app installed on one’s smartphone and it changes each time. This makes it impossible for the card details to be used online in the event of theft. In addition, MuchBetter uses an automatic transaction review system to ensure that only legitimate payments go through, while “suspicious” ones are reported.
MuchBetter is also economical: not only can the debit card linked to the account be requested free of charge, but there is no fee for money transfers to family and friends made through the app. It is superior to other e-wallets, because instead of permitting top-ups only by linking a bank account or credit card, MuchBetter also allows cash to be “transformed” into digital funds: you just need to buy a top-up 里卡卡MuchBetter voucher from one of the 15,000 authorised stores located throughout Italy and the funds will be loaded into the app within minutes.
Starting to use MuchBetter is very simple: just download the app from the App Store or Google Play, create a free account and transfer the first top-up to be able to enter the world of MuchBetter digital payments. And if you top-up your wallet by purchasing vouchers with one of the payment methods supported by Cashback di Stato, you may also receive a 10% refund (up to a maximum of 150 euros every six months).
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