Palo Alto based mobile payments system FaceCash has added NFC support to its software, making it the first such app to support both bar codes and near field communications. FaceCash provides both a method of transferring cash at retail POS locations via a mobile app that works on Android and iOS, and an account to store money for FaceCash transactions.
As the video above explains, FaceCash started out with barcodes for account scanning and a photo for identity confirmation (as of right now, this serves only for visual verification by the seller; computer facial recognition and matching is a fun ossibility to consider). Now, FaceCash takes advantage of NFC technology, so account numbers needn’t be seen and both buyer and seller can experience the convenience of a quick swipe–no twisting the phone around in front of a laser scanner.
Benefits for businesses include cutting processing fees in half compared to credit cards, and rapid checking account payments via nightly batch processing.
Via NFC World