M-wallet: Kuapay Secures 4 Million Dollars for its Multifunction M Wallet
The US start-up Kuapay behind the eponymous mobile wallet has just secured nearly 4 million dollars to cater for the development of its multifunction wallet combining in-store payment, P2P transfers and gamification.
Once the app downloaded, the user opens an account and can link it to his payment card, gift cards or other loyalty programmes. The digital account is associated to a QR-code for later identification.
Payments processes will unfold in three steps: accessing the account using a 4-digits code, presenting this code in-store for identification (2D-code or associated number for online transactions) and, finally, mobile validation of the payment.
Kuapay also streamlines P2P funds transfers between users of this same app. Acceptors scanning another user’s barcode to receive payment will also be rewarded with points to be swapped for discounts at the cash counter.
Kuapay is seeking to propose a “universal” wallet, combining a large
range of uses as it manages payments affiliated to a variety of cards
and enables P2P transfers. For merchants, the acceptance process is made
easier through relying on barcodes or QR-codes (most of them already
have the required equipment installed).
Kuapay was founded in 2010;
it is now accepted by roughly forty Californian merchants and retailers
and has recently reached an agreement with KFC’s local franchise
planning tests phases in 100 points of sales.
Kuapay can be
downloaded for free on iPhone, Android and BlackBerry. Its designers
hope that these new funds will allow them to expand its reach outside
California to, for instance, the South American market, where the
start-up has its headquarters and where technical tests have already