I'm glad this point has been made. If a party to a payment is not registered they will be prompted to register. No payment will ever be processed until BOTH parties have registered.
Currently, this is done via IVR and you choose a PIN at registration time. It is our intention that registration will eventually be done at an ATM.
No payment will ever be processed without a PIN check. This is done by the sender calling into an IVR and first logging on by entering their PIN.
The security is 2-factor - something many banks still aspire to. The sender of the payment is also asked for the one-shot code texted to them on receipt of their payment request.
At registration time you record your name. You cannot release a payment until you have heard the name of the person you are sending the payment to - which is a recording of their own voice.
People pay people they know.
The security in #cash is outstanding - even the banks we have spoken to regard it as better than their existing internet banking security due to the device and PIN check.
CEO, TR2 Communications.