A world-first, patent-pending transaction capability has been designed by a FinTech startup to let customers ‘Go Back in Time’ in the event of making a payment on the wrong card.
The FinTech startup, Curve, is aiming to revolutionise this process that currently results in hassle for customers that make the mistake. The tech also aims to increase customer confidence owing to the fact that a payment error can be easily amended.
The company is aiming to streamline transaction processes across the board with its ‘connected finance’ platform – also pitched by the startup as a world-first.
Customers of Curve have access to an all-cards-in-one Curve MasterCard, coupled with a mobile app for money management that provides an all-encompassing view. The card will function in the same way as an ordinary bank card, and is accepted wherever MasterCard is.
Fintech startup Curve has already attracted a sturdy base of interest, with 50,000 sign-ups in the Beta mode, and it has been used for over £50 million in payments globally. This worldwide uptake of the new platform spans over 100 countries.
Arthur Leung, Curve Product Lead and a former Barclays director of customer experience: “This update is a solution to a common payments problem, and we know first-hand it’s a feature our users are excited about… Now, if a user makes a payment with the wrong debit or credit card, they can retrospectively switch the card they use to pay any time in the next two weeks. No manually re-wiring money; no missed loyalty points; no unintentional incurred fees by using the wrong card – with Go Back in Time, it’s just one tap. Curve takes care of the rest.”
Leung recognises that the new capability is set to address a common issue; this is indicative that the technology could prove massively disruptive in the industry. The extensive interest in the platform in the Beta stage makes for a positive forecast.
Founder and CEO of Curve, Shachar Bialick, said: “People want simpler, safer ways to stay on top of their money, but they don’t always want to switch away from their trusted bank accounts. Curve cardholders get the best of both worlds and that’s exactly the mission we’re on – to simplify the way people spend, see and save their money.”
“Go Back in Time was actually an idea that came from a customer, and is just one way in which Curve’s unique approach perfectly suits the way people actually want to use payments technology. Our customers save money when they travel, earn points when they spend and are more protected from financial crime – all simply layered on top of the accounts they already have,” said Bialick.