MuchBetter Cash Unveiled at ICE London 2020
Shortly after announcing the launch of a personal IBAN MuchBetter service, the celebrated iGaming payments company issued another statement announcing the launch of MuchBetter Cash, another convenient solution to making easy transactions for online gamers.
On February 5th 2020, MuchBetter made their new project public, a unique cash-to-iGaming-account transaction service which they’ve aptly named MuchBetter Cash. The service is designed to enable physical cash-to-iGaming-account transactions. In other words, users will be able to make free cash payments at offline retail locations and directly fund their iGaming accounts.
How Does It Work?
MuchBetter Cash was developed with participating iGaming merchants in mind. The idea was to give them a simple mechanism for collecting cash payments with zero technical integration. With the system being enabled by the existing MuchBetter API, the transactions are done directly and all casino operators need to do is opt-in to the new product. By embracing this new cash payment solution, iGaming merchants will experience substantial savings to payment processing costs. Simultaneously, they will get a new, efficient banking option to offer to their customers.
So far, MuchBetter has been offering users the ability to fund their wallets with cash at participating points of sale in selected markets. As of now, the MuchBetter Cash service will facilitate instant and free cash payments made to a designated player account, without them having to be deposited to the MuchBetter wallet.
Is MuchBetter Cash an Upgrade?
According to MuchBetter co-founder Jens Bader, there is a cash payments monopoly in the iGaming payments sector. However, the company has found a way to integrate a new service into a highly regulated area with strict KYC and AML requirements. MuchBetter Cash can be seen as an upgrade to the existing solution, particularly from a player’s point of view:
- MuchBetter Cash enables direct cash deposits to gaming accounts
- Additional steps have been eliminated (such as entering voucher codes and logging into intermediary accounts)
- Payouts or casino winnings will go back directly into their MuchBetter account
- The MuchBetter account balance will be immediately accessible with the MuchBetter MasterCard
When can you expect MuchBetter Cash to be available at your preferred MuchBetter casino? At the moment, the company will make the service available in selected European countries (none have been pointed out specifically in the initial announcement). That being said, it is expected for the service to become available to all operators accepting the MuchBetter wallet within the group of markets targeted by the early release.
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