Santa Monica, CA (PRWEB) June 05, 2013
Kuapay (http://www.kuapay.com), the secure mobile wallet solution that incorporates coupons, rewards and loyalty cards, today released the latest version of its product, which includes new and enhanced features. Building on the original foundation of being the most secure mobile wallet solution on the market, the release of Kuapay’s 3.0 product improves the consumer app’s experience making it both intuitive and exciting to use. Not only is it easy to make purchases without fear of exposing private payment information, but automatic discounts also help users save money along the way.
With Kuapay, in addition to having a streamlined way to make purchases with their smartphone, users can reflect on their financial decisions to determine where they’re spending and what they’re purchasing. Users are able to quickly scan through their receipts in the app to review their purchases and find out how much they’re saving with coupons and rewards, enabling them to easily monitor their spending.
True Mobile Wallet Experience
With the average American owning 3.5 credit cards (Federal Bank Reserve of Boston), Kuapay now makes it easier for people to access a variety of cards they may use in different instances: their everyday credit and debit cards, their rewards credit cards and their credit cards saved for large purchases or emergency situations. Multiple credit card storage allows for a more accurate digital alternative to a physical wallet.
As a true mobile wallet, Kuapay’s offerings go beyond mobile payments to include the capacity to add any store (i.e. supermarkets, drugstores) loyalty card or membership (i.e. gym, library) card to their mobile wallet to consolidate their physical wallet.
Kuapay makes paying with its mobile wallet more secure than paying with a physical credit card. With first-to-market patent-pending security technology, Kuapay prevents merchants, or anyone attempting to eavesdrop, from accessing consumers’ sensitive payment data. This information is securely stored in a heavily encrypted Kuapay vault and is only accessible by device-specific tokens, which are also encrypted, stored on the user’s phone. When a user is ready to pay, a unique identifier is dynamically generated and encoded in a QR code for scanning by the merchant.
The additional layer of security and comfort requires the user to review and approve all charges on their own personal device. Only after the user approves the charges will they be billed. In the event of a lost or stolen phone, not only is the app PIN protected, but users can simply log in to http://www.kuapay.com to lock their account remotely, thus eliminating future access from the lost device.
“As people grow more comfortable using their phones for everything from taking photos, to online shopping, we are headed into an era when phones will replace many of the other items we carry in our pockets,” said Joaquin Ayuso de Paul, founder and CEO of Kuapay. “Our security technology makes a true mobile wallet experience a reality, and now we are able to start eliminating all of the other things taking up space in wallets, from multiple credit cards to eventually cash and ID cards. Our goal is to provide people with a completely secure product that can not only simplify their daily lives, but also eliminate the hassle that comes from replacing lost or stolen payment cards.”
“Kuapay brings a huge value to the mobile payment space with its patent-pending distributed encryption keys, which are a game changer in security,” said Bill Elkus, Founder and Managing Director of Clearstone Venture Partners. “I’m thrilled to advise such a uniquely innovative company.”
To accept Kuapay, merchants simply need an iOS or Android device, or a supported point-of-sale system. As Kuapay is a software-based and hardware agnostic solution, merchants do not need to have any specific point-of-sale hardware in order to accept payments made with Kuapay’s mobile wallet.
Founded in Santa Monica in 2010, Kuapay, has been steadily perfecting its product through a variety of pilot programs both in and outside of the U.S. Kuapay has seen successful user adoption in both Chile and Spain with merchant acceptance growing aggressively as well. In the U.S., Kuapay is accepted at locations ranging from local merchants to large franchises like KFC, which Kuapay is working with in Southern California. Internationally, Kuapay has a partnership with Telepizza, Southern Europe’s largest pizza chain, to power online and in-store mobile payments.
Kuapay is a mobile wallet solution that allows users to pay, enjoy loyalty programs, and manage coupons. Founded in 2010 by Joaquín Ayuso, Kuapay helps users consolidate their physical wallet into their smartphone in a convenient, trusted, and secure way. Kuapay is free for users and merchants pay only a low per-transaction fee, with no setup fees or monthly subscription fees. Users can pay with Kuapay throughout Santa Monica, New York City, and San Francisco as well as South America and Spain. Kuapay expects to expand acceptance to numerous additional U.S. locations over the next few months. Kuapay is available to download for iPhone, Android and Blackberry. For more information, visit http://www.kuapay.com.