Curve Pay has officially launched on iOS devices, becoming the first digital wallet to directly compete with Apple Wallet in the European Economic Area (EEA). This development follows Apple’s compliance with the European Commission’s ruling that required the company to open its iPhone NFC interface to third-party developers. As a result, iPhone users in the EEA now have an alternative to Apple’s proprietary payment system.
For years, Apple maintained exclusive control over contactless payments on its devices through Apple Wallet. The European Commission’s investigation, initiated in 2020, concluded that this exclusivity restricted competition in the digital payments market. Consequently, Apple was mandated to grant access to its near-field communication (NFC) technology, enabling other companies to develop their own payment solutions. Curve, a London-based fintech firm, has seized this opportunity to introduce Curve Pay to iOS users across Europe.
Curve Pay offers a suite of features designed to enhance the user experience beyond traditional tap-to-pay functionality. Users can switch payment sources even after completing a transaction, providing flexibility in managing finances. The app delivers real-time spending insights, allowing users to monitor and control their expenditures effectively. Additionally, Curve Pay enables users to earn cashback rewards and supports payments from various accounts, including PayPal. These features, previously unavailable to iOS users, are now accessible through a single, integrated application.
Unlike Apple Wallet, which primarily serves as a conduit for existing payment cards, Curve Pay operates within the transaction flow, offering advanced functionalities. Its smart routing feature allows users to optimize their spending by selecting the most advantageous payment method for each transaction. By consolidating multiple bank and loyalty cards into one interface, Curve Pay simplifies the payment process and eliminates the need to carry multiple physical cards. Furthermore, the app helps users avoid currency conversion fees, making it a cost-effective solution for international transactions.
Shachar Bialick, CEO and Founder of Curve, emphasized the significance of this launch:
The payments ecosystem has for far too long been a one-player game. Curve Pay empowers users to see and spend their money differently and opens a gateway to more intelligent spending.
The introduction of Curve Pay on iOS marks a pivotal shift in the mobile payments landscape across Europe. With over six million users and existing partnerships with brands like Samsung and PayPal, Curve’s expansion into the iOS ecosystem challenges Apple’s dominance in the digital wallet market. This move not only provides consumers with more choices but also fosters innovation and competition within the industry.
The timing of Curve Pay’s launch aligns with the growing adoption of digital payments in Europe. According to recent reports, over 60% of online transactions and 25% of in-store purchases in the region are now contactless. This trend underscores the demand for versatile and user-friendly payment solutions, positioning Curve Pay as a timely and relevant offering for European consumers.
In addition to its consumer benefits, Curve Pay’s entry into the iOS market has significant implications for financial institutions. By providing an alternative to Apple Wallet, banks and card issuers can potentially reduce the transaction fees they currently pay to Apple. This development could lead to cost savings and encourage further innovation in the financial services sector.
As Curve Pay becomes available to iOS users across the EEA, it represents a significant step toward a more open and competitive digital payments environment. Consumers now have the opportunity to choose a payment solution that best aligns with their needs and preferences, fostering a more dynamic and user-centric market.
