MuchBetter, a wearable payments company, is set to distribute free contactless ceramic payment rings to residents across the UK.
The MuchBetter Ring operates without a battery, does not require a specific bank, and can be used independently of a smartphone. To obtain a ring, users must download the MuchBetter App, create an account, and load a minimum of £50 before selecting their ring size. Upon delivery, customers can activate their rings by holding them near their NFC-enabled smartphones for automatic detection using the app’s new ‘Tap to Activate’ feature.
Once activated, the ring allows users to make payments globally wherever Mastercard or the contactless payment symbol is displayed, simply by tapping it on a contactless terminal.
This initiative follows a similar promotional campaign held in Italy over the summer, with future plans for expansion into markets such as Germany, Austria, Ireland, and Poland.
Tom Lenihan, director of marketing at MuchBetter, stated, “While other payment rings can cost upwards of £100, we’re committed to giving away our rings for free. We aim to disrupt the typical wearable product model, which usually requires a purchase and a subsequent loading of funds.
“Our ultimate goal is to create a future where frictionless payment systems are the norm, leaving financial inconveniences, wallets, and cards as relics of the past. The first step is to get our rings into the hands of as many people as possible.”
MuchBetter was also chosen by Mastercard to provide contactless vegan ‘leather’ key fobs for guests attending the 2023 UEFA Champions League final in Istanbul, facilitating payments and access control at the venue.
In the coming months, selected customers will be able to pair MuchBetter wearables, including key fobs, watches, and jewelry, for contactless payments.
This announcement comes shortly after wearable payments company McLear announced the closure of its flagship Ring pre-paid program, citing challenges related to product complexity and maintenance costs.