A new application for Apple’s iPhone and iPod called FaceCash offers face recognition as a means of identity verification for mobile-based payments made at brick and mortar points of sale, according to an International Business Times New York article.

Essentially, what the FaceCash app enables a user to do is replace his credit cards or cash by linking the app with an account to pay for items at stores and have their phone scanned in lieu of a card or paying cash.

While the app may be able to replace one’s wallet, it also has the functionality of using face biometrics to protect transfers for actions such as bill pay.

However, should user’s still feel a little unsure of placing their financial security in the hands of their phone, FaceCash requires a user create and sign-in to their account to gain access and offers an optional PIN setup to access its use.

Read the full story here.