Kuapay, the secure mobile wallet solution that incorporates coupons, rewards and loyalty cards, has released the latest version of its product, which includes new and enhanced features.

The release of Kuapay's 3.0 product improves the consumer app's experience, the company said. The solutions makes it easy to make purchases without fear of exposing private payment information, and integrates automatic discounts also help users save money along the way, Kuapay said.

In addition to having a streamlined way to make purchases with their smartphone, users can reflect on their financial decisions to determine where they're spending and what they're purchasing. Users are able to quickly scan through their receipts in the app to review their purchases and find out how much they're saving with coupons and rewards, enabling them to better monitor their spending.

With its patent-pending security technology, Kuapay said it prevents merchants, or anyone attempting to eavesdrop, from accessing consumers' sensitive payment data. This information is securely stored in a heavily encrypted Kuapay vault and is only accessible by device-specific tokens, which are also encrypted, stored on the user's phone. When a user is ready to pay, a unique identifier is dynamically generated and encoded in a QR code for scanning by the merchant.

The additional layer of security and comfort requires the user to review and approve all charges on their own personal device. Only after the user approves the charges will they be billed. In the event of a lost or stolen phone, not only is the app PIN protected but users also can log into Kuapay's website to lock their account remotely, thus eliminating future access from the lost device.

"As people grow more comfortable using their phones for everything from taking photos, to online shopping, we are headed into an era when phones will replace many of the other items we carry in our pockets," said Joaquin Ayuso de Paul, founder and CEO of Kuapay. "Our security technology makes a true mobile wallet experience a reality, and now we are able to start eliminating all of the other things taking up space in wallets, from multiple credit cards to eventually cash and ID cards. Our goal is to provide people with a completely secure product that can not only simplify their daily lives, but also eliminate the hassle that comes from replacing lost or stolen payment cards."

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