FaceCash, a mobile payment startup from Aaron Greenspan’s Think Computer Corporation, has announced a deal with SUBWAY restaurants (or at least the Palo Alto SUBWAY on California Ave.) that enables FaceCash users to pay for their sandwiches with their smartphones. The FaceCash wallet is loaded using the customer’s savings or checking account, and a barcode appearing on the phone’s display serves as the payment form factor. The merchant scans the barcode and a picture of the customer’s face appears on the merchant’s computer screen, authenticating the customer.
The FaceCash platform gives users unprecedented access to purchase information, and also facilitates free funds transfers between consumers. The free FaceCash application, which also consolidates consumer loyalty program cards, is now available for iPhone, Android and BlackBerry phones. Other phones can also access FaceCash through a mobile web browser.
With a flat rate of 1.5% per transaction, merchants utilizing FaceCash achieve savings of 50% or more relative to traditional credit and debit card processing fees. There are no monthly fees or other hidden fees. In order to use FaceCash, merchants simply need a computer (with internet access) and an optional barcode scanner, which are available from Think at a discount.
FaceCash gets its name from its unique security process. During a purchase, the consumer’s face appears on the merchant’s register to verify identity. The first time a buyer makes a purchase using FaceCash, the merchant matches the photograph provided during the sign up process to the consumer’s driver’s license or passport. A number of other security measures are built in.
Aaron Greenspan, Think’s CEO, stated, “We are thrilled to be working with SUBWAY. The corporate cafeteria near our office only accepts cash, so I’m looking forward to buying SUBWAY with FaceCash, instead!”
Diana Kazarian of SUBWAY was also pleased to learn that the rollout had begun. “We’re looking forward to finding out how this could benefit our customer base and our business.”
Read the Original Press Release: