Over the past decade, many consumers have been moving away from traditional banking methods, such as credit and debit cards, and are now using e-wallets. One of the most prominent e-wallets is MuchBetter, an e-wallet provider founded in 2016. This company has become one of the biggest payment providers in Canada, but what’s all the fuss about, and should you create an account of your own?
History of MuchBetter
MuchBetter was founded in 2016 by Jens Bader and Prasannaa Muralidharan, who wanted to create an easier and more rewarding way to manage your money. Since its inception, the MuchBetter team has developed some great security innovations that help keep your money safe. One great example of this is the dynamic CVV, which changes every time you go to use your phone. This means that if someone manages to steal your card details, they won’t be able to use it, as the CVV will have changed by the time they try to.
In just six short years, they’ve been able to catapult their company alongside the lofty heights of PayPal and Skrill, but what are the advantages and disadvantages of using their product?
MuchBetter Pros and Cons
Unfortunately, there’s no such thing as a perfect payment system. While MuchBetter has a lot of reasons to like it, there are some downsides to using it too. Let’s take a closer look at what those are.
- MuchBetter Digital Card – Rather than carrying around a wallet which can be easily stolen, MuchBetter allows you to make payments directly from your phone. The MuchBetter app allows you to make a contactless payment with a digital MuchBetter card, giving you the convenience of card payments without having to set up a bank account.
- Great Security Features – As well as the dynamic CVV mentioned earlier, MuchBetter has a range of security features to keep your money secure. Some of those include high-end encryption technology, touch ID, and two-factor authentication.
- Widely Available – One of the great things about using MuchBetter is that it’s accepted by a wide range of businesses across the country and internationally. This means you don’t have to have a number of different payment methods on hand; you can almost always use MuchBetter.
- Withdrawal Fees – Some withdrawal methods cost a fee of around 2% for your transaction. While bank transfers are completely free, Visa and cryptocurrency withdrawals come with that fee, which is something to consider if you’re going to make frequent withdrawals.
- Only Available On Mobile – Another downside is that your wallet can only be managed from your phone. There is no web portal where you can manage your money or a desktop version of the app that you can use; it’s all through your phone.
Where Can You Use MuchBetter?
As we mentioned, one of the great things about MuchBetter is the fact that it’s accepted by so many businesses. Online stores are starting to see the benefits of accepting payment methods such as MuchBetter, as it provides their customers with a better shopping experience.
You can truly buy anything through MuchBetter, whether you’re ordering food for your friends, paying for a prescription at a pharmacy, or even filling your car up with gas. You aren’t just limited to conventional products either; more and more people are using MuchBetter for alternative forms of entertainment, such as sports betting or online casino gaming. Many players recognize the security features of MuchBetter, making it one of the safest ways to deposit your money to one of these sites. In fact, we’ve seen a marked increase in the number of MuchBetter casinos in Canada over the past couple of years as companies have started to recognize how popular this payment method is. As more people recognize the benefits of using MuchBetter, we expect that number to increase even further.
How Do You Sign Up To MuchBetter?
If you’ve been convinced of the virtues of MuchBetter and want to create an account of your own, then just follow these simple instructions.
- Go to the MuchBetter website to download the app.
- Scan the QR code and tap the link to install the app. Once you tap the link, you should be taken to your phone’s App Store to download it.
- Once the app has been downloaded, open it up and tap the “Sign Up” button.
- Create a passcode for the app and verify it.
- Enter the one-time code that you received via text and tap the “Validate” button.
- Choose your country of residence.
- Enter your personal details, such as your full name, date of birth, home address, and email address
- Select the currency that your MuchBetter balance will be held in. Be aware that you cannot change this later.
- Choose the purpose of your account and your occupation.
There you have it; you’ve just created your very own MuchBetter account! However, it’s important to note that this process only gives you access to the basic version; you must verify your account with proof of ID and address before you get access to the full version of the app.
Once you’ve verified your account, you’ll have access to secure, convenient digital banking without needing a bank account. It’s easy to see why millions of people are using the MuchBetter app as their primary payment provider, and we think that number will only increase in the future.