Curve, a London-based FinTech startup, has launched a new card that bridges the gap between traditional (physical) and mobile (digital) payments.
And it was built on the MasterCard network. What Curve enables is the ability for a person to combine an unlimited amount of bank cards onto one physical payment card that can be used anywhere MasterCard is accepted. The prepaid card is then linked with the Curve mobile app, which offers services for consumers to manage their transactions in one spot and in real time.
It also offers those consumers access to lower foreign currency rates with no additional fees, Curve noted in a press release about the launch. And, like other mobile payment options, it offers built-in tokenized security features but doesn’t have the £30 transaction limit.
The Curve card is sold for $50 (£35) in in the U.K. and can be ordered online or through the mobile app.
‘With Curve, you have one card and see every single transaction in one screen. We’re not another new bank or extra service to deal with; we transform your existing fragmented financial world into somewhere crystal clear, designed for the user,” said Curve Founder Shachar Bialick. “Mobile payments have the potential to bring similar benefits, but cards work everywhere and people are used to them. So, we’ve created the best of both worlds — all the benefits of mobile payments via a groundbreaking card.”
Curve supports chip-and-PIN, magstripe and contactless payments technology. What this startup has enabled is the ability combine an unlimited number of bank cards into one physical payment card, which is then synced and managed via a mobile app.
The mobile app is then used to determine which cards should be used for the Curve card at any given time, which can be changed as often as needed, depending on how the user wants to pay for items.
“At MasterCard, we are at the forefront of supporting pioneering payment solutions that improve people’s day-to-day lives,” said Eimear Creaven, group head of growth markets for MasterCard. “Using our network, Curve is bringing to market genuine innovation in payments and helping customers to manage their financial lives better.”
Currently, the Curve card is offered in the U.K. for a limited number of users through the website or through the Curve app. The plan is to eventually roll out to the general public. Once received, users can add debit and credit cards on the Curve app, which then syncs them with the Curve card. There’s no need for a battery, and the user can set a default card in the app, which can be changed whenever needed.
The Curve app is also used for consumers to manage their spending, as it displays every transaction made, with a running total across each month. Users can manage and understand spending on the go and can also label transactions.