Kuapay

Kuapay
Company typePrivate
IndustryMobile payments
FounderJoaquín Ayuso de Pául
Headquarters
Santa Monica, California
,
United States
Area served
Santa Monica, California
New York City
Santiago
Chile
Madrid, Spain

Kuapay is a defunct Santa Monica, California-based payment service provider that combined a digital wallet and mobile payments. The company developed one of the first foreign third-party payment apps to go live in China, and was reportedly the official mobile payments provider in Chile.[1]

History

The company was founded by Joaquín Ayuso de Pául, who previously created and sold Tuenti, a Spanish social networking site.

Kuapay's seed round collected $900,000, launching in 2011.[2] The company received a $4 million investment in 2012 from a single funder.[3][4]

By 2013, Kuapay was used by over 600 merchants in the United States.[5]

Availability

Kuapay was available both in the U.S. and internationally with significant merchant adoption in Santa Monica, California, New York City, Chile, Spain, Colombia, Panama, and the United Kingdom, with trials including franchises such as KFC, and Telepizza.[6][7][8]

Functionality

The Kuapay system allowed consumers to present a one-time QR code to a merchant, authorize a purchase, and receive a receipt. Credit card information was not transmitted in the QR code, increasing safety. The system also included location-based coupons and loyalty marketing.[2][6] This one-time mechanism increased security over presenting a credit card number.[9]

Offices

The company was based in Santa Monica, California with offices in New York City, Santiago, Chile, and Madrid, Spain.[10]

References

  1. ^ Fernholz, Tim (2018-05-18). "KuaPay is banking on China to fatten its share of the mobile wallet market". Quartz. Retrieved 2018-06-08.
  2. ^ a b Ohngren, Kara (2011-12-01). "Will This Payment App Make You Ditch Your Wallet?". Entrepreneur. Retrieved 17 June 2013.
  3. ^ Simon, Geoff (31 August 2012). "Kuapay Gets $4Mil, Expands Mobile Payments to NYC". Technorati. Archived from the original on 2 September 2012. Retrieved 17 June 2013.
  4. ^ Perez, Sarah (27 June 2012). "Mobile Payments Startup Kuapay Grabs $4 Million Investment, Readies Global Expansion". TechCrunch. Retrieved 17 June 2013.
  5. ^ Jarvey, Natalie (7 June 2013). "Kuapay Updates Mobile Wallet Features". Los Angeles Business Journal. Retrieved 17 June 2013.
  6. ^ a b Van Grove, Jennifer (15 August 2011). "Kuapay Lets Mobile Users Pay With QR Codes". Mashable. Retrieved 17 June 2013.
  7. ^ Perez, Sarah (5 June 2013). "Mobile Wallet Kuapay Gets An Upgrade, Reaches 600 Locations Through Trials With KFC & Others". TechCrunch. Retrieved 17 June 2013.
  8. ^ "Telepizza adopta la tecnología de pagos móviles de Kuapay". ABC.es (in Spanish). 10 June 2013. Retrieved 17 June 2013.
  9. ^ Wakoba, Sam (6 June 2013). "Mobile Wallet Solution Kuapay Unveils New Interface & Features For User Security". TechZulu.com. Retrieved 17 June 2013.
  10. ^ "Mobile Payments Startup Kuapay Grabs $4 Million Investment, Readies Global Expansion". TechCrunch.

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