Samsung realizes the immense potential for growth that digital wallets have and has been trying to make the most of this opportunity through Samsung Wallet. The company's investment arm has also been looking at investment opportunities to further shore up Samsung's presence in the digital wallet space.
One such deal has now materialized, with Samsung Next making a strategic investment in Curve, a leading digital wallet based in the United Kingdom. The investment will be used by Curve to improve its products and services.
Samsung sees value in Curve's innovative business model
Curve is a significant player in UK's digital wallet market. It's well poised to take advantage of the fact that digital wallets are projected to make up half of all e-commerce spending in the country by 2027, totaling just over £203.5 billion. Curve's unique selling point is providing customers the ability to consolidate multiple payment cards into one single smart card and app, while also providing useful financial features that deliver flexibility and spending insights.
This enables customers to move transactions between cards after they've been able, helping them to get rid of currency conversion fees, earn up to 20% cash back, and also rely on wearable devices to make payments on the go.
“We invested in Curve because of its innovative approach to consolidating multiple cards and accounts into a single digital wallet, offering seamless interoperability and enhanced user experience without requiring consumers to switch banks or change their behavior,” said Carlos Castellanos, an investor at Samsung Next.
Curve has raised more than $250 million from investors so far. While the amount Samsung has contributed hasn't been revealed, it's likely going to be significant.
