Ironically, FaceCash is the idea that got PayPal it's first round of funding.
Max Levchin and Peter Thiel initially got funded for a mobile payments application. "We hit this idea of, 'Why don't we just store money in the handheld devices?'...what would you rather do, take out $5 and give someone their lunch share, or pull out two Palm Pilots and geek out at the table?" (Max Levchin interview, Founders at Work, by Jessica Livingston). FaceCash, and especially its "Bill Splitting" feature, is the same idea.
PayPal's application was also "something that can store all of your private data on your handheld device. So your credit card information, this and that" (Same interview). FaceCash allows you to do that, too.
Still, it's not the idea. It's the packaging. Paypal's mobile app was created for the Palm Pilot. Yours is for the mobile phone. Facebook and houseSYSTEM may have been borne out of the same idea, but the packaging is very different.
Max Levchin and Peter Thiel initially got funded for a mobile payments application. "We hit this idea of, 'Why don't we just store money in the handheld devices?'...what would you rather do, take out $5 and give someone their lunch share, or pull out two Palm Pilots and geek out at the table?" (Max Levchin interview, Founders at Work, by Jessica Livingston). FaceCash, and especially its "Bill Splitting" feature, is the same idea.
PayPal's application was also "something that can store all of your private data on your handheld device. So your credit card information, this and that" (Same interview). FaceCash allows you to do that, too.
Still, it's not the idea. It's the packaging. Paypal's mobile app was created for the Palm Pilot. Yours is for the mobile phone. Facebook and houseSYSTEM may have been borne out of the same idea, but the packaging is very different.