From “Face Book” to FaceCash: How Aaron Greenspan Is Tackling Mobile Payments
Summary
There’s Paypal, Obopay, Zong, Boku, Intuit, Bling Nation, Visa, Jack Dorsey’s Square and several others all chomping at the bit to get a larger slice of this fragmented market. Any retailer who has signed up for FaceCash, owns a computer and a non-laser bar code scanner (a fairly common device) will be able to process Face Cash transactions. And if there’s not a critical mass of retailers, users will not want to go through the process of linking up their banking accounts, divulging personal information and downloading a smartphone app. For now, FaceCash payments are only accepted in Subway’s Palo Alto store, but other locations are expected to adopt the service later this year. We need more low-cost alternatives in this space, and a service that neatly bypasses credit card companies and carriers is an ultimate win for the consumer.