We’ve taken our relationship with Mastercard to the next level: Principal Membership
Congrats! Great stuff!
But what does it mean exactly?
This one’s not that informative:
Becoming a principal member means that Curve is able to work more directly with Mastercard, take control of its own card issuing, and take advantage of a wider range of products and services to enhance their proposition. The announcement also signifies the next important milestone in Curve’s journey to simplify and unify the world of money for people across the globe.
As a customer, the most visible thing will be having “Curve” written on the back on your card as the issuer in the future
Does it apply worldwide or only Europe. For example if someone from the US open a curve account, will the card be issued by Curve?
So this goes hand in hand with Bringing our e-Money services in-house I assume?
I thought you need a banking license to issue cards? Or am I completely on the wrong path here?
You need membership of a card scheme to be able to issue cards.
Curve now has this!
Of course, normally if you are “Bank Typical”, then there is no point being able to issue cards without a banking license since you can’t hold accounts. However, Curve is a unique product and an e-money license allows it to issue e-money, which is enough.
How this works is that when you pay with Curve, a charged is levied to your underlying card matching the amount of the transaction to “buy e-money” and reload the Curve card with this e-money, which is then immediately spent on the purchase.
The e-money license also allows Curve Send to work.
The final piece of the puzzle is payment processing, which Wirecard currently do for Curve I think, although they have previously blogged about a desire to also bring this in house.
No, that would be GPS. Which is the payment processor for Starling and used to be for Mondo. (Pre paid cards.)
Oh yes, that’s it!
GPS would be the last third party involved, correct me if I’m wrong but I think so?
Once Curve replace them, it will be totally in house.
That’s 100 per cent right.
That’s why this is such news to me, since they have already said they are working on replacing them too, so it will soon be the case that everything is in house.
That should really improve reliability so I’m looking forward to it!
No they haven’t. They’ve said they are looking about maybe perhaps thinking about doing it… My thoughts on the above are meh whatever…
I take that to mean that they are, long term, planning it.
But you’re right - it hasn’t been formally announced or mentioned ever since they blogged about it some time ago.
They will have to if they are actually serious about making money sometime soon…Only time will tell…
Oh wow nice 1 well done. Great to see the hard work pay off.
Good move, especially in the light of this: https://www.reuters.com/article/us-wirecard-auditor-report/wirecard-slides-again-after-short-seller-demands-ceos-head-idUSKBN22B1CB
Exciting news, looking forward to seeing the results
Awesome news! Now I’m looking forward for Curve to expand into more countries internationally!
Maybe now it is possible to make curve a dual scheme card (MasterCard and Maestro in one card) because a lot of german/dutch merchants only accept Maestro (and VPay).