People are searching for newer, safer, and much more gratifying methods to spend their funds, especially in this age of decreasing face-to-face interaction and greater online spending. These are just a few of the reasons people are moving away from cash and towards e-money, forsaking their traditional bank accounts in favour of e-wallets.
We had a chat with Israel Rosenthal, the CEO of MuchBetter, to find out more about the MuchBetter and their award-winning payment app.
Firstly, how would you describe MuchBetter?
IR: MuchBetter is a globally renowned payments solution that has many innovative products to offer such as our e-wallet app, the MuchBetter Prepaid Debit Mastercard® and several contactless payment wearables. We deliver financial solutions to more than 1.1 million users globally, stretching across 180 markets.
What is an e-wallet?
IR: An e-wallet is a banking-alternative app that is completely secure and password protected, allowing you to swiftly access and manage your personal finances in just a few taps. E-wallets are a ground-breaking solution to a traditional bank account, eliminating the need to take cash or a wallet out and about with you.
A password-protected digital account within a mobile app where an individual can store and manage money. It’s a fantastic banking alternative, that enables users to store all their funds in one location, eliminating the need to carry a physical wallet and cash with them. There’s no need to speak to someone over the phone or travel to a cash machine when you want to make a transfer, and you can make all your payments with the MuchBetter app or by using the contactless fob or prepaid Mastercard®.
If you wanted to split a bill with friends when you go out for dinner, you make it happen with just a simple tap in the MuchBetter app if your friends also use MuchBetter.
We wanted to know why the MuchBetter e-wallet is so popular. What makes the MuchBetter e-wallet so unique, apart from its ultra-sleek user experience?
IR: MuchBetter accounts are secured via device pairing, touch ID, dynamic security codes and a transition review system, ensuring that only valid payments are being processed.
The use of money has also evolved because of the mobile revolution. E-wallets are now available 24/7, and payment apps allow us to manage our funds without the need to withdraw money from a cashpoint. E-wallets can be accessed anywhere at any time – all it takes is a single tap to complete a transaction.
Users may also load their e-wallets using the prepaid MuchBetter cash vouchers, which are available to purchase in thousands of retail locations around Europe and the Americas. Whilst many other e-wallets only enable customers to deposit funds through their cards or bank transfers, MuchBetter allows you to purchase a cash voucher and load the funds into your e-wallet in seconds.
How do you make an account?
IR: It’s easy to make an account, all you need to do is download the MuchBetter app, create and verify your account, then load your wallet and you’re set! Customers can also order a contactless fob or prepaid card via the app in certain countries to use for everyday purchases.
As soon as you request a prepaid Mastercard ® debit card, a virtual version of your card will be available in the e-wallet for any online purchases, which elevates their e-wallet experience.
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