Think Launches FaceCash Mobile Payment System for POS Payments
Palo Alto-based Think Computer Corporation has announced the launch of its new FaceCash mobile payment system that lets consumers pay for items at the point of sale with a cell phone. Think says that FaceCash is the first component of its ThinkLink integrated payment and accounting network to launch.
According to Think, "FaceCash uses simple barcode technology to facilitate quick and easy payment transactions in restaurants, clothing stores, and other retail shops. The system offers several advantages over traditional plastic cards for both buyers and sellers. With the ability to record multiple account numbers directly within the FaceCash application, buyers benefit from the convenience of carrying less plastic. Buyers also have access to an unprecedented level of detail about their purchases thanks to the electronic receipts that are automatically generated each time a FaceCash transaction takes place."
Unlike other payment systems, FaceCash records line item transaction data, so that buyers know every detail regarding their purchase--not just the total amount spent. The application can be used with any participating merchant, so that it is no longer necessary to download a different mobile application for each vendor. Unlike other mobile payment systems, buyers do not need cases, stickers, dongles, attachments, or any other kind of extra hardware.
The benefits for sellers are similarly attractive. While credit card companies have fee manuals that span hundreds of pages, there is only one flat rate for processing a FaceCash transaction: 1.5%. This low rate represents a savings for most sellers of over 50% compared to existing electronic payment solutions, as aggregate credit card processing fees tend to average 3.2% per transaction (or higher) for most small merchants, with some card processors charging as much as 5% per transaction. Set up costs are extremely low since FaceCash just requires a computer with internet access and an inexpensive barcode scanner at the point of sale, which many sellers already own. For those that need hardware, all of the necessary equipment is available for purchase from Think at low prices.
FaceCash works on debit basis. Consumers pre-fund their FaceCash accounts by transferring money from a checking or savings account, and can then debit their available balance by making purchases. FaceCash gets its name from the patent-pending security technology built into the system, which relies on an image of the buyer's face to positively verify identity. Whenever a FaceCash purchase is made, the buyer's face appears on the seller's web-based point of sale system. The first time a buyer makes a purchase, the seller confirms that the photograph is accurate using the buyer's driver's license. A number of other security measures are built into the system.
Free FaceCash native applications are available for iPhone, Android and BlackBerry phones. Those with other types of phones can still use FaceCash through the mobile web client, and those with no phones at all can even use FaceCash via a paper wallet card generated during the sign up process, much like a printable boarding pass.
For more information, visit http://www.facecash.com.
They have no idea how hard is to recruit customers to fund a stored value account....even to register to a new PayPal!!!
Posted by: Eyal | May 29, 2010 at 01:48 AM