Will FaceCash, the mobile payment application, kill the credit card?

[sweeps]

A Silicon Valley company with a noteworthy founder has created a mobile payment system called FaceCash that it hopes will one day displace credit cards.

Will FaceCash, the mobile payment application, kill the credit card? | VentureBeat

[creditcardfree]

Interesting!

[kork13]

Agreed -- a curious idea, but I doubt that it will replace the credit/debit card, at least in its current form. How many people have one of the mainstream smartphones that the system uses? Less than 1/3 of shoppers, I'd venture to guess. The system is meaningless for the rest of us.

[creditcardfree]

Originally Posted by kork13

Agreed -- a curious idea, but I doubt that it will replace the credit/debit card, at least in its current form. How many people have one of the mainstream smartphones that the system uses? Less than 1/3 of shoppers, I'd venture to guess. The system is meaningless for the rest of us.

True. I don't have a smartphone and likely won't get one for several years.

[disneysteve]

Interesting concept.

Personally, having owned my iPhone for going on 2 months now, I'm quite certain that we have barely scratched the surface of what smart phones will be used for in the not so distant future. Think about the myriad of uses you have for the internet and all the things it allows you to do today that you couldn't do 10 or even 5 years ago. Smart phones are in their infancy. Five or 10 years from now, when the vast majority of cell phone users are using a smart phone, I think they will be seamlessly integrated into our daily lives. I already use mine on a daily basis in my office when seeing patients via several medical apps.

As for the payment thing, just the other day I installed a coupon app that contains hundreds of coupons from local merchants. We always get the coupon magazine in print at home but now those same coupons are in my pocket at all times so if we decide to go out somewhere, I don't have to remember to bring the coupons or search for the magazine. I can just pull out my phone, find a coupon and show the screen to the store or restaurant to get the discount.

[jeffrey]

Mobile phones are a major way of paying for things in Japan. You can even use them on many vending machines. It's a system that has already been proven can work, although the purchases tend to be for smaller convenience purchases rather than major purchases.

[Broken Arrow]

Fascinating! Conceptually, I don't see why not. I think it's the implementation and security that's the question. I was going to say the cost being the biggest hurdle, but it looks like he's nailed that one down.

[graceful]

I wish him and the company well!

Not sure if I will be one of his first target consumers though since I like the rewards and protection and float a CC offers me. I have NEVER used a debit card. But I think regular debit card users will get a lot out of trying his App since it seems to offer a lot of additional features over a regular debit card.

But if he can team up with some sort of credit agency that offers similar incentives that reward CC now offer, it may appeal to me. I doubt he will work with any of the major CC companies. Sounds like he wants to control all aspects of his company and would be loathe to give to much say to the major CC.

[cicy33]

Originally Posted by disneysteve

Interesting concept.

Personally, having owned my iPhone for going on 2 months now, I'm quite certain that we have barely scratched the surface of what smart phones will be used for in the not so distant future. Think about the myriad of uses you have for the internet and all the things it allows you to do today that you couldn't do 10 or even 5 years ago. Smart phones are in their infancy. Five or 10 years from now, when the vast majority of cell phone users are using a smart phone, I think they will be seamlessly integrated into our daily lives. I already use mine on a daily basis in my office when seeing patients via several medical apps.

As for the payment thing, just the other day I installed a coupon app that contains hundreds of coupons from local merchants. We always get the coupon magazine in print at home but now those same coupons are in my pocket at all times so if we decide to go out somewhere, I don't have to remember to bring the coupons or search for the magazine. I can just pull out my phone, find a coupon and show the screen to the store or restaurant to get the discount.

Thanks a lot!! I am planning on replacing my smart phone one of these days as it is getting on two years old and is beginning to act up. Now, that coupons (my favorite area) is easy to use on an iphone I simply must have one!!!!