Mobile phones have increasingly become tools that consumers use for banking, payments, budgeting, and shopping. Given the rapid pace of developments in the area of mobile finance, the Federal Reserve Board began conducting annual surveys of consumers’ use of mobile financial services in 2011. This 78-page report, “Consumers and Mobile Financial Services” (March, 2015) examines trends in the adoption and use of mobile banking, payments, and shopping behavior and how the emergence of mobile financial services affects consumers’ interaction with financial institutions.
Kuapay
Kuapay is a payment service provider that combines digital wallet and mobile payments. The company is based in Santa Monica, California with offices in New York City, Santiago, Chile, and Madrid, Spain.
The Kuapay system allows consumers to present a one-time QR code to a merchant, authorize a purchase, and receive a receipt. Credit card information is not transmitted in the QR code, increasing safety. The system also includes location-based coupons and loyalty marketing. This one-time mechanism increases security over presenting a credit card number.
The company was founded by Joaquín Ayuso de Pául, who previously created and sold Tuenti, a Spanish social networking site. Kuapay is 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.
Kuapay’s seed round collected $900,000, launching in 2011.The company received a $4 million investment in 2012 from a single funder. By 2013, Kuapay is used by over 600 merchants in the United States.
More information: Kuapay.com
Source: Wikipedia, licensed under CC BY 2.0
http://en.wikipedia.org/wiki/Kuapay