Two years ago, a 19-year-old Stanford student named Lucas Duplan took a break from school to create a startup.
Over the next few months, 20 students from Stanford quit school to follow him.
The startup is called Crinkle.
The Wall Street Journal's Amir Efrati wrote a longer story about the company. He says, " The service is supposed to let people quickly pay each other or pay for products at stores using any smartphone, and without requiring retailers to upgrade their payment systems."
Despite plans to employ 60 people by this summer, Crinkle's first product doesn't come out until this fall.
The payments space is insanely crowded.
Big companies like eBay, Amazon, Apple, Microsoft, Facebook, and Google all want to have us using our smartphones instead of our physical wallets. The space is also crowded with well-funded startups like Square and Stripe.
Meanwhile, consumers seem content to use plastic credit cards online and offline.
More From Business Insider