Kuapay, a mobile wallet solution that allows users to pay, enjoy loyalty programs, and manage coupons has released Kuapay’s 3.0, its latest version aimed at improving user security with intuitive and exciting user experience.
Joaquin Ayuso de Paul, founder and CEO of Kuapay said,“As people grow more comfortable using their phones for everything from taking photos, to online shopping.”
According to Joaquin we are headed to an era when phones will replace many of the other items we carry in our pockets such as wallets, from multiple credit cards to eventually cash and ID cards and security technology makes a true mobile wallet experience a reality.
But for users to adopt mobile, there is need for security.
Joaquin added, “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 prevents merchants, or anyone attempting to eavesdrop, from accessing consumers’ sensitive payment data as user information is securely stored in a heavily encrypted Kuapay vault, accessible only 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.
Easy to use
In the event of a lost or stolen phone, not only is the app PIN protected, but users can simply log in to www.kuapay.com to lock their account remotely, thus eliminating future access from the lost device. Kuapay therefore makes paying with its mobile wallet more secure than paying with a physical credit card. With first-to-market patent-pending security technology.
Without fear of exposing private payment information users find it easy to make purchases and use automatic discounts which save them money along the way.
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.
Also proud of the move, Bill Elkus, Founder and Managing Director of Clearstone Venture Partners said Kuapay’s patent-pending distributed encryption keys are a game changer in security.
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. with successful user adoption in both Chile and Spain.
To accept Kuapay, a merchants simply need an iOS or Android device, or a supported point-of-sale system and without any specific point-of-sale hardware as Kuapay is a software-based and hardware agnostic solution.