The start-up is looking to compete with the big companies for a share of the mobile payment market, with its simple and easy system.
Kuapay is offering consumers and merchants a fast and secure mobile payment option, without the need for NFC-enabled devices. On their iPhone, BlackBerry or Android apps, users can enter their credit card information. When they want to make a payment, they simply log in to the app with a PIN number and present the cashier with the QR code that appears on their mobile’s screen. The code is then scanned and the users account is charged.
As well as managing payments, the app saves the user’s transaction history, encrypts card data, keeps track of loyalty program points, and supports discounts and offers. It doesn’t require merchants to purchase additional hardware either. They would only need to upgrade their current point-of-sale software to be able to accept the mobile payments.