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.
Opinions expressed by Entrepreneur contributors are their own.
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.
"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."