Digital wallet – Throughout the pandemic, we saw a change in behaviour become a global trend. People got used to using contactless devices for everyday payments, it became the favoured way to pay for many. It was time for contactless payments to take the spotlight and show the world their value.
Studies have found that people who initially switched to contactless payments for day-to-day spending during the pandemic have continued to use these payment methods since. In fact, 45% of those who used their digital wallet to make instore purchases said they were using it more than they used to.
It’s no surprise really, contactless payments are the future. Who has time these days to fish around for their wallet, find their card, insert it into the machine and punch in a pin number? People value ease and convenience and contactless devices provide just that.
Who is MuchBetter?
MuchBetter is a revolutionary award-winning digital wallet and payment platform that allows consumers to spend, store, send and move money securely and quickly.
MuchBetter plans to continue its rapid growth trajectory by moving into issuing cards and wearables in locations where currently, its all-in-one payments app – the MuchBetter Wallet – is available to customers.
We know in Britain, the total value of all contactless payments jumped to 49.7% in 2022, with Barclays revealing that: “a record 91.2% of all eligible card transactions* were made using contactless payments last year – a sign that consumers and businesses are continuing to shift to next-generation technology when buying and selling”. *Contactless transactions are defined as using a payment card or mobile device tap to initiate a payment through a POS reader in physical merchant locations.
Globally, contactless volume and value increases year-over-year. MuchBetter, with its mission to revolutionise payments technology, view this rising trend as a potentially untapped market of potential, new and existing wearables customers.
What’s next for MuchBetter Wearables?
Through activities in Europe, MuchBetter has identified a trend in customer desire to enhance spending options, add convenience, follow fashion and not be held captive by the big tech giants with mobile or powered contactless payments.
By combining contactless payments and multi-services in wearables, MuchBetter will be offering a truly unique proposition of something new, exciting and consumer lead, not just the offering of another basic debit card initiative.
Currently the choice of debit card programme providers able to offer wearables is not a very broad one, particularly in Canada and Australia in comparison with Germany, UK and Spain. MuchBetter plans to push ahead with wearables for payment and multiservice functionality with new territories being added to open up the global consumer-lead wearables space.
What does this look like?
MuchBetter Wearables makes daily payments easier and more secure with a twist of unrivalled style. Forget debit cards. Think sleek pieces of jewellery and elegant key fobs with contactless payment functionality built in, connected to the MuchBetter digital wallet. The future belongs to wearing your payment devices! Be part of the future.
Ready to delve into a MuchBetter world of innovation and technology? Find out more at www.muchbetter.com
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