"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.