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Kuapay Lets Mobile Users Pay With QR Codes

There is no doubt that the payment is changing: Starbucks Card Mobile is a stroke of good faith, PayPal predicts that the end of the portfolio is near, mobile money transaction is expected to reach $ 670 billion for 2015, and it is believed that over 80% of POS systems accept mobile payments in 2016. Do you have a chance with an unknown upstart Google, the credit card companies, PayPal and square all competing for market share? Headquartered in Santa Monica Kuapay mobile payments startup is now ramping up operations, but believes he can win the traders and consumers now - as opposed to waiting for NFC devices to catch - with what he considers mobile payment system more simple.



"The world of mobile payments will move faster if we create products that are easier for users," said Joaquin Ayuso Kuapay founder, who previously had sold social networking site Myspace Spanish Telefónica. "Virtualization Portfolio is a way that the market wants to take. We are in a place to expose the market to users faster."


Kuapay has BlackBerry iPhone, Android and applications for consumers. Users can add information on your credit card and then present the participating merchants with a QR code to scan and pay at the cash register. It works quite similar to Starbucks 2D "bar code scanning system.

The mobile application is intended to be a "real" and secure the virtual wallet that reduces barriers to the participation of the consumer and the merchant said Ayuso.

In addition to managing payments, the application saves the user's history of transactions, encrypts card data, requires the user to set a PIN number for access, keeps track of points and rewards loyalty program, and supports discounts and offers.

The solution is also meant to be accessible to traders, Ayuso insists, because they do not require additional hardware. Merchants only need to upgrade your POS software in place to begin accepting payments Kuapay. The launch, Ayuso said, has relationships with all major POS providers to make quite automatic update process.

Kuapay, which has raised $ 900,000 in seed capital, is currently beta testing its mobile payment system in certain locations in Santa Monica, and abroad in Chile and Spain. It plans to launch publicly in the fourth quarter of this year.