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"It's a mistake if it happens once, but it becomes a concern if the pattern keeps repeating." During the beta testing, at least 500 Curve users spent more than £1 million (about US$ 1.3 million) on their Amex cards by paying with Curve.
Curve has been trialling Amex compatibility with its platform in closed Beta since November. According to Bialick, Amex executives shared concerns in a Jan. 21 meeting about customer service and integration, but gave no formal notice about ending the merchant agreement.
While fintech startups will inevitably miss milestones and fail to deliver on certain promises, they must be careful not to alienate customers and investors, Varghese said.
63: Deal talks continue amid bank M&A freeze, setting up for strong Q4Street Talk - Ep. If you discover that our solutions are not available to you, Curve yields to Amex because fintech promised too much, too soon, say insidersStreet Talk - Ep. Curve has been trialling Amex compatibility with its platform in closed Beta since November. This content is provided by an external author without editing by Finextra. What do you mean “now”?
It became apparent that Amex had just pulled down the shutters," Ben SmithCurve did not make on official statement until the morning of Jan. 31, when CEO and founder Shachar Bialick said in a company blog post that he intends to challenge Amex's decision. /marketintelligence/en/news-insights/latest-news-headlines/curve-yields-to-amex-because-fintech-promised-too-much-too-soon-say-insiders-49663876
This may have caused Amex to withdraw from the agreement effective immediately," he said in an email. "Curve insinuated that the relationship with Amex was more permanent than it actually was. Curve said Jan. 28 that it was launching a functionality, in beta, to allow Curve customers to add Amex, enabling them to use Amex via Curve where Mastercard Inc. is accepted. "American Express participated in a limited Curve beta test where we enabled a small number of card members to load funds onto an e-wallet using their Amex card in the Curve app. Curve said Jan. 28 that it was launching a functionality, in beta, to allow Curve customers to add Amex, enabling them to use Amex via Curve where Mastercard Inc. is accepted. It depends on how the Curve transaction is processed by Amex - Curve cards are officially, through the Mastercard schemes, commercial prepaid debit cards - and filling up a prepaid debit card is not valid for cashback in the Amex T&Cs, although it is not of course classed as a cash advance by Amex.
"Our merchant services agreement was perfectly valid and our top-up mechanism was known and agreed-upon with Amex. After some deliberation, Bialick and his team decided to go ahead with the scheduled launch of the Amex tie-up Jan. 28 despite unresolved tensions, the statement said. Rather than being a partner of American Express, Curve has a merchant agreement with it, under which it provides a wallet that is topped up via Amex. "I'm not going to say they lied, but they have definitely overpromised.
If you look at some of their marketing material, Curve have overstated their case [regarding American Express] and didn't make the caveats obvious," he said. Smith, meanwhile, said he also felt that Curve had erred in its marketing of the Amex tie-up. As many retailers in the U.K. and continental Europe do not accept Amex due to its comparatively high fees, the tie-up solved a common problem for customers. Using the mobile app, users link their debit and credit cards to the Curve card. At this time we are unable to offer free trials or product demonstrations directly to students. An Amex spokesperson said in an emailed statement that the company had simply decided not to progress the relationship with Curve after the beta test ended, and declined to offer further details. They blocked Curve when they first started doing this and they stopped.
I'm at that point." "I was using Curve [on the night of Jan. 29] and it just stopped. We use cookies to help us to deliver our services. For Finextra's free daily newsletter, breaking news and flashes and weekly job board. Thank you for your interest in S&P Global Market Intelligence!comparatively high fees, the tie-up solved a common problem for customers., a Curve customer and independent technology consultant who has worked with several U.K. incumbent banks on their online and mobile offerings, told S&P Global Market Intelligence. It is now available to all Curve users. As many retailers in the U.K. and continental Europe do not accept Amex due to its But just 36 hours after the feature launched, American Express pulled its cards from Curve, to the confusion of the latter's customers. With that move, and based on legal advice we received, Amex breached their contract with Curve, failed to give appropriate notice, breached payment services regulations and demonstrated clear anticompetitive and anti-innovation behavior. It expresses the views and opinions of the author. For Manu Varghese, an early adopter of Curve and chief product officer of blockchain technology company Greenstream Networks, Curve has overpromised. Market Intelligence But as a long-term Curve customer, Varghese said he felt communication with customers was "not optimal" and that the company had taken some "irrational" decisions over the past year that may have been partly due to investor pressure.
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