Curve to Launch Apple Pay Competitor, Promises Significant Savings for Banks
Hey FinTech Fanatic!
Banks and financial institutions currently face hefty fees for transactions processed through Apple Pay. However, London-based FinTech company Curve is set to launch a new payment service that promises to save banks millions by offering a direct alternative to Apple Wallet.
Curve's upcoming service will allow iPhone users to make contactless payments by double-clicking the side button, just like Apple Pay. This move comes after Apple recently opened access to its near-field communication (NFC) chip to competitors, following an investigation by the European Commission that began in 2020.
Curve's founder, Shachar Bialick, stated, “Curve has long argued, what the European Commission recently confirmed, that Apple Pay has enjoyed market dominance through illegal restriction of competition. This undermines consumer choice and has forced banks to pay high transaction fees. We are delivering Curve Pay to reduce these costs for issuers and enhance the customer experience.”
The launch of Curve Pay is expected once final technical details with Apple’s NFC technology are resolved. This new payment system aims to reduce the "Apple Tax" and provide more options and rewards for consumers, promoting a competitive digital wallet market.
Curve, founded in 2015, enables users to consolidate multiple bank and loyalty cards into a single app. With over four million customers and £3.2 billion spent via the platform in 2022, Curve is targeting profitability this year. The company generates revenue from card transactions, ATM withdrawals, currency exchanges, and subscription services.
Apple Wallet, exclusive to iPhones and other Apple hardware, stores a variety of sensitive information, including credit cards and airline tickets. The US Department of Justice sued Apple in March for monopolizing the smartphone market, alleging that its ecosystem stifles innovation and discourages the development of alternative digital wallets. Apple has denied these claims and intends to fight the lawsuit vigorously.
You can read more FinTech industry updates below, and have a great start to the week!
Cheers,
POST OF THE DAY
🤔 Digital Wallet Apps: how do they work?
INSIGHTS
🇧🇷 Brazil’s Pix 🆚 India’s UPI 🇮🇳
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PAYMENTS NEWS
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OPEN BANKING NEWS
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DIGITAL BANKING NEWS
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