One year on from its commercial launch, payments appMuchBetter, is announcing a number of significant milestones and figures, as it signals its intent to ‘break the monopoly of iGaming payments’, in an industry estimated to be worth £40bn. Having launched in November 2017, key highlights and milestones after 14 months include:
- Nearly 150,000 active users worldwide – MuchBetter is now available and fully licensed in more than 150 countries worldwide, available on Android and iOS
- 120 customers – MuchBetter is now available as a payment option across more than 120 merchant sites, with some of the biggest iGaming brands on the planet among them, including Pokerstars, 888.com, Betway, Pinnacle, LeoVegas and Lottoland, with an exceptionally strong pipeline for 2019 Q1 and Q2 with many other tier 1 operators coming on board.
- One transactions every five seconds – MuchBetter is currently processing a payment transactions every five seconds, that’s around 20,000 per day, equalling over 7.3 million single transactions annually
- 50,000 MuchBetter devices – In its first year MuchBetter has issued over 10,000 MasterCards and more than 40,000 NFC payment devices including key fobs, smart watch devices, smart reusable coffee cups and even smart bottles – as part of a marketing campaign with Lucozade and Transport for London
- 40 people strong – Starting with a founding team of just four, MuchBetter now stands at 40 full-time employees
- Multiple awards – MuchBetter was recently named Rising Star by EGaming Review Magazine and its co-founder, Jens Bader, was named one of the most significant contributors to the payments industry at this year’s PayExpo’s Payments Power 10 Awards. In addition MuchBetter was awarded Innovation of the year at the prestigious Payments Awards in November sealing a significant milestone in recognition. The company has also been shortlisted for an additional 7 awards, many of which are yet to be announced
“MuchBetter is coming to break the iGaming payments monopoly and we’ll make no apologies for that,” said Jens Bader, MuchBetter co-founder. “For too long, legacy payments providers have raised costs with each renewal, without a thought to raising the quality of their services. With iGaming operators seeking alternatives there is a fantastic opportunity for MuchBetter to swoop in and meet the needs of iGaming operators.
“And, our customers use their MuchBetter accounts increasingly outside of iGaming as well. The combination of the app with our free prepaid card, wearables and free peer-to-peer service demonstrates that our product proposition covers almost any payment situation and is well understood by our customers. I think we had a sensitive and balanced approach with an enticing B2C proposition, riding on a B2B commercial model. Let’s face it, we have driven a new, global payment service into the market in less than 14 months, without any reliance on external investment. I like to think that we have a very solid commercial model that is also viable for us in the long term, and better for operators in the short term too.”
MuchBetter’s key features
- MuchBetter is available on Android and iOS
- The app uses biometric authentication or pin numbers to make payments, no passwords or security questions to remember
- Users can pay their contacts in seconds using their mobile number
- The freeze card functionality means users can freeze their physical MuchBetter card within the app if it is lost or stolen
- MuchBetter’s unique dynamic CVV (a CVV number which is randomly generated in-app) means that the card can’t be used by criminals if it lost or stolen, nor can cybercriminals steal this information, and also making any MuchBetter card transaction compliant under the strong customer authentication requirements (SCA/PSD2)
The maths behind MuchBetter’s commercial model
(Traditional gaming payment wallets) a player moves £10,000 from their payment wallet into their gaming account, later removes £8,000 – fees are charged for £18,000 in transaction volumes
(MuchBetter) a player moves £10,000 from their MuchBetter wallet into gaming account, later removes £8,000 back to MuchBetter – fees are charged for the £,2000 balance only.
MOBEY FORUM: BANKS’ BIG OPPORTUNITY IN DIGITAL ID WON’T LAST FOREVER
New report offers strategic insights for banks following in-depth review of seven prominent digital ID schemes across Europe and North America
Despite banks playing a fundamental enabling role in the development of national digital ID schemes to date, their uniquely strong position in the field is under increasing threat from web giants and other globally networked firms. This is the view expressed by Mobey Forum’s Digital ID Expert Group in a new research report launched today.
The report, entitled How to Make Digital Identity a Success: Insights and Learnings from Seven Digital ID Schemes, is the product of an in-depth, collaborative study conducted in 2019 with seven digital ID schemes across Europe and North America. The report presents a comparative overview of the different models being applied around the world and provides insights, and comments for banks and financial institutions on their evolution, together with a range of other factors such as their varying models and management, technical underpinnings and services they provide to users.
“As our collective reliance on technology continues to grow so too does our need to establish robust, secure and user-friendly ways of verifying our individual identities, digitally,” comments Jukka Yliuntinen, co-chair of the Digital ID Expert Group, Mobey Forum. “Banks have mastered the ability to operate at scale in highly regulated environments, under conditions that require rigorous and stringent security and identity verification procedures. This has enabled them to play a key role in the evolution of national digital ID schemes and also makes them prime candidates to be future guardians of digital identities, supporting services that stretch far beyond banking and generating new revenues as a result. This advantageous position could change quickly, however, as other powerful networked stakeholders move into the space. Banks must be aware that the window of opportunity to adopt these critical roles may be closing, perhaps faster than they think.”
Launched in a new interactive, all-digital format, the How to Make Digital Identity a Success report gives banks and other stakeholders a chance to refer to a detailed comparison of Alastria, e-Estonia, Itsme, NemID, BankID, Verimi and Verified.Me.
“Like in so many other industries, Google, Amazon, Facebook, Apple, Alibaba/Alipay and other hugely powerful digital players have serious potential to upend the global market for digital ID,” adds Elina Mattila, Executive Director, Mobey Forum. “That said, the success of a digital ID scheme is rooted in trust and collaboration – between users, governments and regulators, telcos, banks and other key service providers. While they can move quickly and at scale, the ‘GAFAs’ are unlikely to be afforded bank-beating collaborative relationships with all of these stakeholders any time soon.”
“This collaborative model is here to stay,” adds Mattila. “It’s only through close collaboration that banks can both address the challenges and seize the opportunities presented by digital identity.”
The report also charts the opportunities and challenges posed by cross-border integration of digital ID schemes and examines the role that regulation can play to assist. It contends that, as digital ID schemes continue to mature, the issue of cross-border interoperability will gather momentum and, while regulation can provide the framework for interoperability, much work remains before the schemes can be harmonised to enable a seamless flow of digital identity usage over the borders.
HALO TRUST USES ADAPTIVE INSIGHTS FOR STRATEGIC BUSINESS PLANNING
Cloud-based financial planning helps HALO Trust deliver greater benefit to communities affected by war
Adaptive Insights, a Workday company, today announced The HALO Trust, the world’s largest humanitarian landmine clearance organisation, employing more than 8,700 employees across 25 countries, uses Adaptive Insights Business Planning Cloud to support the charity’s continued growth with a modern business planning process. The HALO Trust joins more than 750 non-profit customers that trust Adaptive Insights for business planning, benefiting a variety of communities and causes worldwide.
The organisation relied on the development of financial plans utilising complex spreadsheets, which were difficult to integrate into the global planning process and inefficient when producing multiple scenarios for effective option appraisal.
“Being able to holistically manage real-time changes is critical to our success. With a single, powerful system in the cloud, we’ve eliminated the headache of working with siloed spreadsheets and have significantly reduced the time taken to produce high-quality financial models,” says Mick Darby, finance director at The HALO Trust.
For more than 30 years, The HALO Trust has kept people safe and helped communities to rebuild by clearing landmines, destroying weapons, managing stockpiles, and educating communities how to stay safe until the dangerous debris of war can be removed for good. By moving HALO’s planning and analysis process entirely to the cloud, the finance team provides the guidance necessary to support the rapid growth of the organisation, which has doubled in just the last three years. Providing globally distributed team members with an easier, faster, and standardised approach ensures that the charity’s budgets and forecasts reflect current local conditions and currencies, all rolled up into a single platform.
“We’re proud to provide organisations like HALO with more time to focus on the important humanitarian work they do by simplifying and modernising their business planning process,” said Robert Douglas, Europe planning director at Adaptive Insights. “By streamlining budgeting and forecasting, we’re helping to make every pound and every volunteer hour count, which in turn helps HALO maximise the impact on its mission to save and protect lives.”
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