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MuchBetter launches 'free' contactless payments ring

MuchBetter launches 'free' contactless payments ring

Wearable paytech provider MuchBetter has launched a contactless payments ring in Italy that is free - as long as users load it with €100 through the associated app.

Available through the MuchBetter website, customers pay a €5.99 delivery charge to get their hands on the ceramic, battery-free and water-resistant ring. On receipt, they hold the ring near an NFC-enabled smartphone to pair it with the MuchBetter wallet app. Once funds are loaded, the ring can be used to make contactless payments.

Following the launch of the ring in Italy, it will also be available in Germany, Austria, the UK, Ireland and Poland.

Wearables have been on the market for around a decade but have yet to take off despite the surge in contactless payments. Last year Italian bank Intesa Sanpaolo collaborated with Mastercard to roll out a ring, which was developed by Swedish fintech Tapster.

Tom Lenihan, director of marketing, MuchBetter, says: "We believe that payment rings and similar wearables will replace phone and contactless card payments in a matter of time, and at MuchBetter we want to be at the forefront of empowering consumers with even more freedom and flexibility in how they want to pay."

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