What is Curve Pay?
Curve Pay is a digital wallet developed by London-based fintech company Curve. It consists of multiple payment methods, including debit and credit cards, as well as PayPal accounts, into a single platform, allowing users to manage all their finances from one app.
Unlike traditional digital wallets, Curve Pay offers several unique features such as: retrospective payment source changes, fee-free foreign transactions, 1%cashback on international spending, and high spending limits.
Curve was founded by Shachar Bialick in 2015. The company has grown rapidly and now has over 6 million users globally.
Challenging Apple Pay
Curve’s challenge to Apple Pay stems from a regulatory change that now allows third-party apps to access Apple’s Near Field Communication (NFC) chip, which was previously restricted. This development enables Curve to offer a contactless payment solution on iPhones, directly competing with Apple Pay. The European Commission’s investigation into Apple’s practices led to this change, aiming to foster competition and innovation in the digital wallet space .
Curve’s new payment system allows iPhone users to make “tap and go” payments via the Curve app, offering an alternative to Apple’s exclusive system. Users can set Curve as their default payment method, providing greater flexibility and choice in how they make payments .
