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| Company type | Private |
|---|---|
| Industry | Mobile payments |
| Founder | Joaquín Ayuso de Pául |
| Headquarters | , |
Area served | Santa Monica, California New York City Santiago Chile Madrid, Spain |
Kuapay is a defunctSanta Monica, California-basedpayment service provider that combined adigital wallet andmobile payments. The company developed one of the first foreign third-party payment apps to go live inChina, and was reportedly the official mobile payments provider inChile.[1]
The company was founded by Joaquín Ayuso de Pául, who previously created and soldTuenti, a Spanishsocial networking site.
Kuapay'sseed 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 theUnited States.[5]
Kuapay was available both in the U.S. and internationally with significant merchant adoption inSanta Monica, California,New York City,Chile,Spain,Colombia,Panama, and theUnited Kingdom, with trials including franchises such asKFC, andTelepizza.[6][7][8]
The Kuapay system allowed consumers to present a one-timeQR 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 includedlocation-based coupons andloyalty marketing.[2][6] This one-time mechanism increased security over presenting a credit card number.[9]
The company was based inSanta Monica, California with offices inNew York City,Santiago, Chile, andMadrid, Spain.[10]
