Will This Payment App Make You Ditch Your Wallet? Kuapay, a new smartphone-based in-store payment app, aims to eliminate credit cards once and for all.

Joaquin Ayuso is betting on the future of virtual mobile payments. Early this year, the Spanish-born tech entrepreneur launched Kuapay, an app that allows users to make secure credit card purchases in stores with a smartphone. Users can enter multiple credit cards into the system; they then present participating merchants with a QR code displayed on their phone. The merchants scan the code, and the phone automatically saves the receipt.

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"We give people the opportunity to take their wallet from the physical world to the virtual world," says Ayuso, whose Santa Monica, Calif.-based company has 20 employees. "Instead of carrying around those plastic cards everywhere and swiping them, you actually use your phone to make the payments."