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The company certainly has no lack of technology vision. Adding NFC to replicate and complement the barcode authentication in the original version makes sense. NFC readers will become cheaper than the expensive image scanners needed to read 1D and 2D barcodes from mobile screens.
But with 20 merchants and 500 users, FaceCash has a long way to go and will need very large “friends” to make a go of it. For good or ill, technical merit is not a leading indicator of future success.
Now, FaceCash has added support for NFC to its Android app, along with an upgrade to its FaceCash Register web-based POS system for retailers.
“With FaceCash you can now replace your cash register, your card terminal, your calculator, and if you choose to send e-mail receipts, your printer and your thermal paper as well,” says Think Computer CEO Aaron Greenspan. “Processing payments will cost a literal fraction of what it used to… Whether you use barcodes or NFC, you still get a better deal, less fraud, and top-notch security overall without the PCI nightmare.”