"Financial Time Travel" option offered by a UK start-up

Posted by P. Charitha on July 4th 2017

According to a report published in the Reuters, a London-based start-up - Curve has  launched a payment card which allows the user to retroactively choose a different credit or debit card for a purchase already made . 
How it works
  • Suppose you have made purchase and you want to change the debit/credit card used at that time due to any reason ( lack of funds , wrong card used etc.)
  • Or for example, users might have funds available in their current account days after a purchase paid for with a credit card - and would therefore prefer to switch the transaction to a debit card to avoid interest fees.
  • You can go back in time and switch the card used for any particular transaction.
  • This can be done for a transaction made for up to two weeks after the purchase.
  • The user can manage their cash flow much better and the functionality would also enable users to take better advantage of card rewards.
Founded in 2015, Curve is among a growing group of young companies that seek to make better use of digital technologies to make payments and banking products more user-friendly.
The start-up’s chief executive, Shachar Bialick, said the new "time travel" functionality will give customers more time to chose the most convenient form of payment for a given transaction.
The company has joined hands with Mastercard Inc to launch this payment card in what it can be said as the world’s first.
One Aggregate Card
Curve, which has a patent pending for the new tool, provides customers one card that can aggregate all of their existing Mastercard and Visa Inc payment cards. 
Users can carry only the Curve card and switch between the cards they want to use for a purchase through a mobile phone app.
While users would be able to switch cards, the change would happen within Curve's platform, so merchants would only see the original transaction and would not be charged card processing fees twice.
Rewards gained through the first purchase will be reversed if that card is changed, Curve said. Curve, which is still in "beta" testing mode, has already had more than 50,000 sign-ups, with the cards having been used for over 50 million pounds ($64.7 million) in transactions so far.As of now this card is available in the UK and European Economic Area.


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