I got really excited seeing the “Add to G Pay” button in the Curve Beta App and the addition of Curve to Google’s list of supported card providers in Germany. It’s a pity that the button has now been removed again, of course also the Wirecard drama will have shifted the priorities.
In the short run, I personally think that “You can add all your cards to Google / Samsung / Fitbit / Garmin / Apple Pay and don’t have to wait for your bank to support these apps” is a great selling point for Cuve gaining lots of new customers. The announced partnership with Samsung (“Samsung Pay Card, powered by Curve”) also supports this “new” USP.
I know a lot of regional and kind of conservative banks, at least in Germany they are maybe the main part of the German bank landscape. You can be sure that it will take them years to even recognize a need to support Google or Samsung Pay. I still see a lot of potential for Curve to become the default answer to “How can I use XY Pay although my bank says it doesn’t support it?”.
Speaking e. g. of Google Pay in the short run, I hope that Curve is quick enough to get customers aboard that want to use Google Pay now and do not want to wait for their bank’s offering and that way grow Curve’s user base and popularity.
In the long run, if all your banks have native support for Google, Apple, Samsung, Fitbit and Garmin Pay, I still see Curve’s USP in providing the offerings that your banks fail to provide.
Not only Go Back in Time, but:
- Transparent pricing
- Cheap FX Rates
- Free / Cheaper cash withdrawals
- Quick adaptation of new integrations with new platforms or e. g. your Banking App
- Reliable Customer Protection
New desirable services and integrations will come up which your bank won’t provide to you in short term. That’s where I still see a big USP for Curve in the future - as a pioneer for such service offerings.
You might wonder about “cash withdrawals” being a point for me long term, but I really think so: Cash is slowly disappearing (with Germany a little behind), but that makes it more important to have cash on demand and to be also able to get rid of it.
Classic ATMs will disappear over the time, and we need innovators such as Curve to explore new solutions to get and to get rid of cash such as cooperations with retail chains. Because a big number of banks will fail to do so.
Also (most) ATMs are not usable with virtual but only physical cards, hence we need solutions if we want to pursue the way of not having to carry a physical card.
Let me conclusively offer criticism and state where I personally don’t see Curve’s future USP: For me, that is a P2P solution such as Curve Send.
Subjectively thousands of P2P services pop up every night, and every business having to do with finance try to position their solution. The market leader I think is PayPal, but also the German traditional banks come up with solutions, N26, Revolut and friends had it as part of their portfolio from their beginnings, and Klarna abondened their German offering.
By definition, this can’t be a USP if everybody does it. Curve can in my opinion only succeed with that if it either becomes the biggest player or has outstanding features that make users decide for Curve Send instead of PayPal. Battling PayPal in becoming the bigger player however appears to me as a battle that can’t be won by a startup.