FaceCash App Lets You Buy Goods With Your Phone and Face
FaceCash, the new mobile payment system from ThinkLink, is an app that allows users to store credit card and bank account information directly on their smartphones, enabling them to purchase groceries, clothes or more smartphones without ever having to whip out their wallets. As Engadget reports, all you have to do is sign up, register your credit card or bank account with ThinkLink and then let the frivolous spending begin. The app, available for BlackBerry, iPhone and Android, also allows users to directly transfer cash from one person to another, and then automatically archives every purchase made. In order to prove your identity, you'll have to show the cashier a photo of your face, which is stored on your phone.
As with any electronic payment system, it seems like security would be of major concern to FaceCash clients. According to ThinkLink, though, the company uses standard encryption and hashing technologies to protect any data sent with or stored on the app. And, in the event that you lose your smartphone, the thief likely won't be able to access your password-protected account. Even if he does gain access to your information, he still would have to look a lot like you to make any purchases.
For now, the app can only be used with participating merchants in California, so much of its success will depend on how West Coast consumers cozy up to the idea. In theory, it makes total sense to add personal finance to the host of other needs that smartphones perform. But when it comes to personal banking information, we all tend to be a little more cautious about the channels through which we choose to make purchases. And it usually takes some time before the general population builds up enough collective trust to adopt a new means of finance, as was the case with online shopping. We definitely think FaceCash would make our lives a lot easier, but it probably has a long way to go before convincing the general population that it's a secure device. [From: Engadget]