Curve to launch its own version of Apple Pay

After being investigated by the European Commission from 2020 until recently for restricting access to its mobile payment systems, Apple granted rivals access to its near-field communication (NFC) chip. This enables apps like Curve to utilise the NFC chip for their contactless payment systems. As provided by City A.M., a representative from Curve confirmed that their company’s product would be prepared for launch after the final technical details with Apple’s NFC technology are completed.

At the moment, banks and financial institutions face substantial fees for transactions processed via Apple Pay. By launching its own service, Curve intends to eliminate these fees for banks, thus allowing them to save significant amounts of money. Additionally, the company plans to provide Curve Pay so that every payment has a lower cost to the issuers the firm collaborates with, while also developing a rewarding experience for customers. Apple refused to comment regarding Curve’s plans, despite being approached by City A.M.

With its operations launched in 2015, Curve focuses on enabling users to consolidate and improve their bank and loyalty cards into one app. The company’s data shows that it now has over four million customers, with it mainly generating income from card transactions, ATM withdrawals, currency exchanges, and a subscription service.

The plan to launch Curve Pay follows the company’s move to introduce a credit card in the UK that provides Section 75 protection. The new Curve credit card maintained all the functionalities of Curve, but it was upgraded with increased security and flexibility. Additionally, the all-in-one payment card was set to offer Section 75 protection to every card in the customer’s wallet.

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