Doctor's Associates Inc., the parent company of SUBWAY, the largest single-brand restaurant chain in the world, and Think Computer Corporation announced that FaceCash will now be accepted at certain SUBWAY locations in California. FaceCash is a mobile payment system that allows consumers to use their cell phones to make purchases at the point of sale.
Consumers must sign up at the FaceCash website and pre-fund their FaceCash accounts by transferring money from traditional checking or savings accounts. They can then debit from their FaceCash balance by making purchases at participating merchant stores. The FaceCash platform gives users access to purchase information and also facilitates free funds transfers between consumers. The free FaceCash application, which also consolidates consumer loyalty program cards, is now available for iPhone, Android and BlackBerry phones. Other phones can also access FaceCash through a mobile Web browser.
With a flat rate of 1.5 percent per transaction, FaceCash says merchants utilizing its service achieve savings of 50 percent or more relative to traditional credit and debit card processing fees. There are no monthly fees or other hidden fees. In order to use FaceCash, merchants need a computer (with Internet access) and an optional barcode scanner, which are available from FaceCash parent company Think at a discount.
FaceCash gets its name from its security process. During a purchase, the consumer's face appears on the merchant's register to verify identity. The first time a buyer makes a purchase using FaceCash, the merchant matches the photograph provided during the sign up process to the consumer's driver's license or passport. A number of other security measures are built in.
A map of locations where FaceCash is accepted is available on the FaceCash website.
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SUBWAY to accept FaceCash mobile payments at select outlets
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