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New Coin Card – All Your Credit Cards In One But Will It Work?

by on November 15, 2013 · 107 comments

in Credit Cards

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There’s been a lot of buzz (and a lot of reader questions) about a new credit card product that launched recently called Coin. Coin is a credit card-sized device that can store the information and accounts of credit or debit cards for you so you can don’t have to carry them all around in your wallet all the time and when it comes time to make a purchase, you can choose which of the credit cards stored on it to use.

Coin aims to replace the credit cards in your wallet.

Coin aims to replace the credit cards in your wallet.

Sounds like a good idea in theory, but I’m still a bit skeptical into how it will go into practice. Here’s a video explaining how it will work:

So you put your credit card information on the card. By downloading the Coin app on your smartphone (it’s available for iPhone and Android) and using a credit card swipe plug-in reader (that Coin will send you) that stores the information and taking a picture of the card so that you can match it to the account on your Coin. While you can only store the information for up to 8 cards at once on your actual Coin card, the app can store the information for as many as you need. It will accept debit cards, credit cards, gift cards, loyalty cards and membership cards.

The app can also disable your Coin card if it gets lost or stolen and will alert you if your phone is outside a certain proximity to the card via a Bluetooth signal so you don’t accidentally leave it behind. You don’t need your phone with you to use it, though.

Before making a payment, you decide which card to use by tapping the Coin’s button to scroll through your choices, and when you swipe it, the transaction should go through just as if you were using the card you chose.

Screen shot 2013-11-15 at 1.23.36 PM

Now for the gritty details. As I mentioned, the actual card itself can only take 8 cards at once while the app can store an unlimited amount. That’s probably okay for most people, but for other points enthusiasts like me (I currently have 19 credit cards that all earn me points, miles and other benefits), that just won’t cut the mustard.

You can use the card as an ATM card, which is helpful, but it might not work outside the US and it won’t have EMV Chip technology. You also can’t use it for online purchases. When you are making a purchase online, the Coin mobile app can be used to reference your card details, but the Coin itself cannot be used directly for online payments.

Currently you cannot lock your Coin to prevent others from using it, but it will automatically deactivate if it loses contact with your phone for a period of time that you configure in the Coin mobile app. Your account is password protected and the mobile app requires that you type in your password before you can access sensitive card details as well.

Coins are designed to last for 2 years under normal usage (10-20 swipes per day) and do not need to be recharged. Once the battery dies you will need to replace your card. Coins are water resistant but not waterproof so if you accidentally take it swimming, time for a new card.

Each Coin will also cost you $50 for now, but the price goes up to $100 once a certain quantity are ordered, so only folks willing to pony up now are going to get it for half price. They will also get a referral code for $5 per referral up to 10 referrals, potentially taking care of their purchase cost. Referral orders be completed within 90 days of your own order to count.

Cards will not ship until the summer of 2014, so they’re not asking for your shipping information – the website justifies this by saying a lot can happen between now and then, like you move. Or Coin goes bust (my additional hypothetical).

Maybe I’m just too much of a doubter, but the fact that they’re asking you to pay a $50 fee and $5 shipping, but they’re not delivering the cards till the summer at the earliest doesn’t pass my smell test. Not only does it seem strange that you’d have to pay for a product so far in advance of getting it, but it seems to me like this is a bid to raise some venture capital through the $50 sign-up fees.

Different From Wallaby?

The other product that comes to mind here is Wallaby. That was launched (or announced, rather) last July and was meant to be a a single card that you can link to all your other credit cards and that will automatically register transactions with the appropriate card that you designate to maximize your travel points and cash back.

Screen shot 2012-06-26 at 12.28.58 PMAnother great idea in theory, but the Wallaby card itself has yet to materialize. For the moment, Wallaby is an app that you can load with your credit card information and that will help you choose which of your credit cards – which you must still carry – to use for which transaction based on the available category spending bonuses, etc.

Coin is simpler in that you have to choose which credit card to use yourself rather than relying on an algorithm like Wallaby would, but I’m still not sure we’ll be seeing the actual physical cards anytime soon.

Not only that, but by linking all your credit cards to the Coin, you’re giving the company huge amounts of personal information about your identity, your finances and your spending habits as well, and there’s no mention of whether Coin might or might not allow merchants to offer cardholders targeted deals based on their purchase activity, or to let banks and credit card issuers market products to customers.

To me it sounds more like a PR move and a money grab, and I wouldn’t sign up for a card until they actually exist, but if you’re interested, I’m curious to hear why and if you have any more details, so comment below.

Disclaimer: The responses below are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.

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  • Chris

    This feels like when the mini-disc player was launched right before MP3 players/iPods came out. It seems like a cool idea but I know there are better products coming out like NFC that won’t involve carrying any cards.

  • Benjamin Szweda

    I like it, just bc I like tech stuff. Would be useful even if only for domestic non ATM use. I’ve more than 8 cc but the full range of them really only comes into play for online booking/shopping. 8 is more then enough to go out to eat, get gas, and shop in the few physical stores I do (ie groceries).

  • AB

    From my understanding, you can easily switch between what cards are housed in your phone and what is on the card. So it wouldn’t be that much different than having to sift through your wallet to find the card you need, am I right?

  • joeypore

    Things like this just don’t seem that….great to me?

    For example, what are you going to do when you enter the AMEX centurion lounge or the Admirals Club lounge with your platinum card? What are they going to do when you show them this?

    Or things like priority pass, you’ll have to keep that around, as some clubs take an imprint of the numbers still.

    Just overall couldn’t see actually using this. There was one that was out that was built into a phone case, and many users reported being questioned about the card, and one story of a clerk calling the police!!

    Just overall, I don’t think this is the answer…

  • Sergey

    I think this device is OK for use when you make small purchases in places who don’t ask for your ID. For any big purchases, cashier would ask for your ID to match the name on the card – and there is no name on the Coin. I believe this device would even scare more retailers because of CC fraud.

  • Shane

    I think the biggest potential benefit will be highlighting how easy it is to copy card information, which might finally force the US to move towards widespread EMV chip usage (with a bit of luck even moving to chip and pin).

  • RobL

    I was at the order page for this thing yesterday and almost pulled the trigger. I stopped though because the problem is that sometimes I need to show my actual card. I very much doubt that, for instance, the receptionist at a US Airways lounge will accept this thing for access even if it does swipe properly. It will just look too sketchy to the non-technophile masses. I predict I’d even have trouble getting some waiters at restaurants to take it. I am completely in support of this kind of technology and want it to work so badly. My only real goal in having it, though, would be to keep my wallet slimmer, and I just do not think I’d be able to leave all the cards at home.

  • Brandon Maake

    Do we know who is backing this idea? Is this a product of credit card companies or a tech company or just some guy and an idea?

  • Mac2

    all it takes is for one hacker to get your password or hack into the account and there goes all of your money, on 8 cards. How secured is it? I’d want to know the steps they are taking to prevent this sort of thing from happening before I even consider using this. Nothing is ever 100% secured, but if this company needs to raise funds before launching then they probably don’t have the funds to offer top notch protection against fraud and hackers.

  • http://indian-cowboy.blogspot.com/ Sal

    If anyone signs up, I would appreciate if you use my referral link https://onlycoin.com/?referral=9iwMh2XL

    Thanks!

  • Mark R.

    You hand the Coin to a server to pay for a meal, & they walk away to process the transaction. They also have a sniffer (a pager size device to swipe & store the mag stripe and steal credit card info) – they now can “sniff” 8 credit cards instead of one!

  • Juno

    So if you lose this one card, you basically lose all of your cards? Is carrying a millimeter thin credit card really a burden? I carry my top 3 cards all the time, it really isn’t a big deal.

  • Andy

    I pre-ordered. I know the CTO and have seen prototypes, I bet they’ll deliver.
    On kickstarter you also pay upfront, so I don’t see anything unusual here.
    Consider using my referral link. https://onlycoin.com/?referral=6172GOPs

  • AMPfromBNA

    Whats to stop a cashier or waiter to mess with you, and change which card the “coin” is using? It seems to me they can just hit the button to swap it. Maybe its not even intentional, but they hit it by accident. What then?

  • dee seiffer

    My son offered to get me one for Christmas. I think it is a great idea. I would love to carry one card instead of 8 for day-to-day. My wallet is so fat it won’t close and is pretty heavy. The FAQs state that it won’t work outside the US. I only travel overseas once or twice a year, so no big deal to me.

  • Kevin S

    Just one man’s opinion, but I think the main reason they are releasing a video, details, and early sign-up offers isn’t to raise capital, as you could just launch a Kickstarter/Indigogo etc with these same details and videos. The reason is so potential early adopters like us will provide them with valuable product improvement content. All the founder’s team needs to do is sit back and watch the message boards light up with feedback, highlighting potential security flaws, ideal expanded use of such a device, and excitement (or lack thereof) for this type of solution. We are a free value-add focus group.
    Whether or not this company is successful, this type of digital move is the wave of the future and my guess is that by 2016 this is the standard among those with means…at least for a chunk of loyalty/membership cards you don’t want to carry around with you every single day…

  • MC
  • http://www.comediandan.com/ Dan Nainan

    You know, it’s too bad these people didn’t put this on Kickstarter. They would probably have raised millions of dollars from the same people who are voicing objections to the idea.

  • Jordan C.

    I agree this product would probably have not garnered so much skepticism were it listed on Kickstarter first. And I’d also probably buy it were it listed on Kickstarter. Keep in mind, we are a very specific readership, most people only have a few cards to their name therefore 8 slots would be plenty. But regardless, this invention is definitely a step in the right direction.

    I have a few questions though:
    - How easy is it to manage the active cards? Say, I’m headed out of a few errands, can I just select my preferred batch of cards for the day on my phone?
    - Can the card be changed once its a certain distance from the phone, but still within usage range? For instance, I select a card to pay with at a restaurant and the server takes it across the room to charge it. Does the server have access to change the card? Or will it lock on that particular card until its closer to my phone?
    - On that note, what is the distance the card can be from the phone before it alerts?

  • Rotem Yossef

    I am not worried about the advance payment at all, they simply “Kickstart” without paying the Kickstarter commission, nothing more than that.

    I almost fired the trigger myself yesterday but then I figured that the REAL problem is regulatory. What they are doing might be considered illegal. Can a credit card user duplicate his/her own card at home and use it? The answer is that you would most likely get arrested for that for numerous potential reasons!
    Coin will require the approval of the major credit providers in order to duplicate their cards, and even that , assuming there is no state legislation providing it. Since I can’t see any benefit for the credit card companies from that – I doubt any of them will co-operate.

    All the other technicalities are solvable, Coin can lock for change once it is away from the user’s phone for more than 3 feet. Totally lock once away from him/her for more than few minutes, and it can also have a signature pad and present the whole number on it’s screen, 4 digits at a time.

    Wallaby is taking a different route, a much longer one. They will become a “kind of” a credit company themselves and then roll they bill forward to the credit card you pick. So they are “man in the middle” kind of service provider.
    They will not require anyone’s approval yet they will have to figure out a viable financial model since they will have to transparently forward the transaction fee to the original card provider.
    In their case they can charge an annual membership fee or if they have enough volume, try to negotiate lower fees with the credit companies and take a rev-share, though again, I can’t see any motivation on the other side to cooperate.
    Last but not least, the most important asset they will have will be data. Having all transactions going through their card, they will have a much better picture of one’s habits and spend than any single credit provider – this data will worth a lot of money.

  • Diotallevi

    I would hope that to change a card you would have to enter a pin #, but that’s just a guess.

  • JJ

    no. the point is to have it all in one place, not as bulky

  • Brandon

    Can you have multiple Coins to hold all your credit cards?

  • AEG

    They should only sniff 1 credit card since only 1 card would be activated at a time….

  • AEG

    Exactly my thoughts as well.

  • Dee Tee

    One important part of all this are the banks and the consumers. Coin is a “middle man” in this case. What happens if there are fraudulent charges on one of the cards stored on Coin? Who will be responsible? Will the consumer ever get that money back and if yes, from who?

  • Austin

    I Pre-Ordered this earlier today since I think its such a cool concept.

    Here is the link if anyone is interested in pre-ordering one:
    https://onlycoin.com/?referral=XDkZIj4m

  • adam

    This is a scam, company is selling a non existant product. Everyone who pays upfront is a sucker. The technology they are claiming is illegal / Iimpossible. How are thet changing the mag data? It is illegal to store track data.

  • adam

    Ask the CTO how they plan to pass PADSS while atoring track data. The product is a scam company plans on collecting money and never delivers

  • http://www.julianthomasdmd.com/ Greenville Dentist

    Brilliant! I wanted to order today! ;( Those would make great Christmas gifts. Only thing I wonder about is storing the magnetic strip information. I know is against Visa/MC policy to store the CVV security code at all – for anyone. The mag strip data? I would think that isn’t allowed either. I don’t know. I still want one. :)

  • Cory

    The only issue I can see is Having to tell every waiter/waitress, bartender, cashier,etc. “be careful with this card, don’t touch this little button”. I can see many people having issues with the money being taken from the wrong account. That aside is seems like a great concept and I can’t wait to see how it works out.

  • joeypore

    It’s definitely not the credit card companies. They don’t want to promote you being able to carrying multiple cards from different banks. They want you do carry their cards only.

  • Morou Ouattara

    I ordered leap motion over a year before it was delivered. They kept me informed about delays. But I got it at the end. You also realize that crowns funding sites are all about paying before the actual device or product is made, right? A good idea is just a good idea no matter your doubts. And coin is a great one.

  • Joe

    Seems like a great idea for those with multiple cards. There’s a limited quantity for preorder.

    Use my referal code for 5 dollars off for each referral. Thanks

    https://onlycoin.com/?referral=sq4rKbjA

  • eech1234

    Looking at the articles about Coin, it’s a dynamic stripe. That means that coin emulates your cards and the payment goes through the same networks as swiping your normal cards. I think this means that coin only knows which cards you use and where, but doesnt have access to the totals or items.

  • Cyleleghorn

    That isn’t quite how card transactions work. The purchase isn’t “going through” the card, it “goes through” the terminal that the card is swiped through. All the magnetic strip holds is the card number, expiration date, and your name, and the terminal uses that information to verify the purchase. The information would not be going through the Coin or Coin’s servers, because as far as the transaction terminal knows (it only knows the information it gets from the magnetic strip, which will exactly mimic your normal card), the Coin IS your regular credit card. It will directly contact Visa’s servers or Mastercard’s servers, which will then go to your bank account.

  • eech1234

    I saw a facebook update they posted last night which mentions that the same tech used to alert you when your card is out of range is also used to disable the button when it’s out of range.

  • Rotem Yossef

    I totally understand the billing process, but the information will be stored on the Coin! It is a much more elegant equivalent to duplicating your credit card at home and using it.
    The bottom line is that if you are not allowed to make your own copy of your credit card you will be legally prohibited from making a duplicate record of your magnetic strip using a Coin.
    Assuming there is a problem (And if there currently isn’t – rest assured that the credit companies will change their license agreement to prohibit that), Coin will not be able to legally copy the date from the magnetic strip to the Coin.
    There are more legal issues but I will stop here.

  • Edward Soto

    Shit i want one send me 2 please thank u

  • AW Sports Car Club

    While you describe it as a new “credit card”, it really is a new payment enabler form factor.

    All folks want is a convenient, fast, hassle-free way to pay. As such, it doesn’t appear to be a more convenient, faster or more hassle-free form factor than the one it’s attempting to replace.

  • Joe

    I’m a sucker lol . This was a great idea.

  • vega25

    I agree with Kevin S – a free focus group and feedback is what an approach such as this brings. And the developers seem to have responded today to the various security concerns people and bloggers have expressed in the past 4-5 days. All in all, that is impressive.

    Oh, and in case there is anyone willing to take the plunge: here is a referral link – https://onlycoin.com/?referral=cmzuuB5B.

  • Jack

    Pay now? I don’t think so. It’s a scam and I would stay away

  • Hanna

    Agreed. Why would anyone in right mind pay $50 to $100 and maybe get it in summer 2014? They have zero cash and asking people’s money to maybe come up with something. If they had anything real they would have no problem getting financing. Not the first time for this CEO to scam people for money. Beware!

  • Mike. G

    I work for one of the major card issuers and can tell you that visa MasterCard and Amex will not approve of this. Sorry but true. The problem is that once they discover this and you have one you will not be able to recover the money you paid for it.

  • orpickaname

    Well, you can’t really provide any input until you have the card. So it is still $50 for nothing until you get the cards.

  • Jadid Herrera

    I agree!

  • http://www.getsnapcreative.com/ Snapper C.

    I made the mistake of reading some of the comments. While there are some valid concerns, I’m of the mindset that you don’t tackle some of these issues. For the rest, you people are just plain dumb, either than or your so stuck in your box, you don’t realize the easy fixes to the issues you raise.

    First of all the price. It’s $100.00/2 years (probably more). That’s a little over $4.00 a month. Fortunately I don’t pay for a monthly subscription to Xbox so this will be easy for me to do. Speaking of Xbox, it’s laughable the amount of people that worry about security. If people want your money, they are going to get it. Whether it’s digital or not. It’s YOUR job to take the precautions necessary to protect your identity and assets.

    To address the article:
    -If you have 19 credit cards, this card isn’t for you. It’s for the more practical common sense people.
    -I’m not sure how much time people spend abroad, but MOST people plan ahead and MOST will use one card while they are there. For the few short days or weeks you are traveling out of the ONLY place left on the globe that likes you (and that’s loose), take your credit card
    -The lock feature is handled
    -Make sure you don’t leave your Coin in your swim trunks (responsibility maybe)
    -Again, the cost for the convenience…$100 about every 2 years. If you can’t afford that, I suggest you not give an opinion…since you won’t be buying one
    -As an early adopter, I will be out $50.00 if it’s a sham (which I highly doubt). Not to mention a little digging will not only show you that group that created are legit, but also very easy to find and make their lives miserable if they decide to play games with folk’s $$.
    -Folks, it’s a decision, if you are scared and skeptical (and obviously broke), don’t buy it. I will be buying mine here shortly. Bookmarking this page so I can come back and brag about how great it works.
    -Oh and one last thing, if you need to show your credit card to a cashier. It will be as simple as pulling it up on your phone and showing them the card…and I’D.

  • yhlanded

    thank you for pointing this out haha. How the hell are you supposed to give feedback if you don’t even have the card? The only thing the founders team needs to do is sit back and watch the bank accounts light up with dough. The Coin card is a pretty cool idea though

  • Indy Samra

    Rotem, I do agree that the large banks and CC companies are tripping over themselves right now, for not thinking of this first. However, where I disagree with your point of Coin infringing on regulatory requirements, is, I see this as more of a wallet, a method of transporting your cards, as opposed to duplicating the card itself. This being similar to the Google wallet idea. I am sure some banks may attempt to step in the way of progress, in an attempt to savor their piece of the ‘monetary pie’ a little longer, however, those banks that embrace the progression will benefit from:
    1. Reduced Chargeback’s and fraudulent charges. When they measured the credit card fraud a few years back, this was estimated to be about $15 billion, compared to the $65 billion banks were taking in from interchange fee’s.
    2. Providing their clients with convenience.
    3. Additional income: if banks are able to work with coin, and actually sell coin at account opening, or set up a referral system with coin, or even individually brand coin cards with bank logo’s.
    4. If Coin is able to have $JPM take them public, they should be able to partner-up in a way that allows them access to more American households (Since $JPM is the largest US credit card lender. Statistically 1 out of 4 Americans carry a Chase card in their wallets). $JPM is also the largest bank in the US, by assets, and it’s branches cover the majority of US metropolitan areas. This would break from the norm of “tech” companies going with $GS.

    My concerns for Coin are:
    1. Income: Will they be able to get in on the $65 billion piece of the action that banks take in from interchange fee’s. Selling the card, selling advertising on the app, or selling purchase patterns and trends to marketing agencies is a great way of taking in revenue (ask facebook), but, interchange fee’s could make a massive impact on the bottom line.
    2. One card fits all doesn’t work for everyone. In the age of individualism, will there be a Gold/Platinum type card, and will they look to sell additional types of protection.
    3. I see that the Coin can be used at an ATM machine, however, will skimming devices be able to read the information on the Coin? If so, just the card being used at the ATM machine, or all cards stored on the Coin.
    4. Will current card scanners need to be updated, or modified.

    I see this as being a truly revolutionary device that has a great potential market in the US, and something that can be utilized to provide convenience and security. One thing to remember is, nothing is ever perfect when it is first released, however, I have no doubt that it will get there.

  • Indy Samra

    It will be a great opportunity for Coin to partner with some of the banks, to have the coin card co-branded. Providing them with the advertising, and power of the brand image of a bank, or partnership program.

    This may not be a necessity, but, their is definitely a market for the Coin. I’m currently thinking about my wife’s purse that is full of cards, and completely unorganized.

    I do however agree, that I do like my Chase Presidential Card, however, would be willing to trade it in for the right incentive.

  • Indy Samra

    If the CC companies and banks are able to get in, and embrace this progression, they may be able to strike up a deal that allows them to cross sell this feature at account opening, or by reaching out to their clients through mailers, or emails. Think about it, if you have a credit card from a bank, you most likely have a debit card from them as well. At account opening, theoretically, can provide you with a Coin card that allows you the convenience of accessing your Credit card account, and debit card account. However, if you currently have credit cards from another organization, they can offer to upload this information to the card as well, and simultaneously update the other credit card companies information to your “online bill pay”. Strengthening a sticky product, while providing convenience.

  • Indy Samra

    Unfortunately, I don’t see this requiring the approval of credit card companies. I think of the coin as a wallet, a method of transporting this information. I see this in the best interest of the banks, and CC companies to embrace the progression, and attempt to co-brand the coin card with their own logo’s, offering an advertising opportunity, and I’m sure it will be a great conversation piece initially. However, Coin is not duplicating information, as I am aware that my credit cards are the property of the bank, however, the bank has never advised me of what wallet I should carry my credit cards in. The banks also do not regulate that I am able to store my CC information on Amazon…. By embracing the technology, those banks that move forward with the progression can look to take a bigger piece of the $65 billion of interchange fee’s. Since Coin is not looking to take any interchange fee’s and is improving security by assuring no chargebacks or fraud, this also decreases the $15 billion of annual credit card fraud. Why do you feel the Coin needs approval from the CC companies? Banks and CC companies operate in a oligopoly market, and since the Coin may limit chargebacks and fraud, I see the regulators allowing Coin to move forward.

  • Indy Samra

    Snapper, I couldn’t agree more. For the metropolitan areas, this really is insignificant. For some, $50 it is well worth it. For myself, I see this as a conversation piece, for my wife a solution to help her organize that darn purse….

  • Indy Samra

    Hanna, I do understand your concern. However, do you think Coin is a good idea? Just remember that crowd funding, is an awesome way to finance projects, without signing everything over to the company financing the project. No interest on the capital, the company can look to provide a great service at a lower cost, as opposed to using a large bank or VC firm to take them public.

  • Indy Samra

    I agree, I look at this as more of a wallet, a method to transport my credit cards. (And a way to organize my wife’s purse)

  • Indy Samra

    Joe, I agree, I’m a sucker too. I don’t know why people are assuming the technology is illegal. I see this as a method to transport my Credit cards, like wallet. The banks have never informed me that I needed to carry a specific wallet. Awesome Idea, and something revolutionary that the public can use.

  • Rotem Yossef

    Well, it all lies within regulations, I agree that Coin bears increased security for users and that banks and credit companies can find it useful yet the main issue will be loosing their branding – hence I believe they will do their best to block Coin or if partnering with them – limit the Coin to carry only their branded cards.
    Coin is not similar to the Google wallet or “Pay with Amazon etc. though since Coin will hold no funds and have no financial existence, it will be nothing more than a physical conduit of the data that defines one’s credit card identity.
    As for your concerns, here are my 2 cents:
    1. This is the real challenge though I don’t think they count on that, the way they currently work – they will not even have an “exposure” to the transactions themselves to take a cut, needless to mention that no credit provider will willingly cooperate

    2. Can be easily resolved with personalized cards with their cover printed to order – you send the file you wish to use and for an additional fee received a customized card
    3. The coin can replicate any of your cards for any purpose, hence any card you have that has a pin and allows withdrawals will be usable in an ATM

    4. Nope – that’s THE issue.

    3rd cent…

    The major issue in this industry is that the POS (Point of Sale) systems are not frequently updated. This is why NFC had a very low penetration. Products like Wallaby and Coin are innovating within the current POS capabilities.
    A much more fascinating start-up is Loop (http://www.looppay.com/), they also recognized that POS technology will not change so fast, but given that people have a tendency to switch their phones every couple of years, they developed a technology that will integrate into new phones and will enable imitating your credit card’s effect on the card scanners only by waiving your phone at it! Now that’s revolutionary, why carrying anything else but my phone?

  • Josh Cates

    Q. Can someone accidentally change which card is selected on my Coin?

    A. We’ve designed the button to toggle cards in a way that makes it difficult to trigger a “press” unintentionally. Dropping a Coin, holding a Coin, sitting on a Coin, or putting the Coin in a check presenter at a restaurant will not inadvertently toggle the card that is selected.

    Q. Can someone intentionally change which card is selected on my Coin?

    A. Coin has an ‘auto-lock’ feature that works based on proximity. It allows the card to be swiped, but disables the button to change which card is selected.

  • Ryan Guerra

    …But nobody takes NFC payments. I’m all about early adopting technologies, and I like to use PayPal, Square, etc… when appropriate. But you step into a retailer and you know, 100% that they take plastic (or Coin). There is no fumbling with apps, no asking what they take and keying up your info, and no holding up the line.

    The only situation that I use alternate payments consistently is in Starbucks, because the cashier knows what to do and they ALWAYS have a reader and it always works.

    I figure Coin is actually a 2-card solution. The Coin itself, and another backup for the retailer that refuses the Coin or the street vendor that “gasp” uses an imprint carbon copy of your card. That’s still a huge improvement over the existing 7 cards I need now.

  • Ryan Hammond

    I put my deposit down on Coin just today, but I will agree with you on this. Certainly Google has something in the works that will be just as good or better than Coin (and most likely free).

  • Vinlock

    it is possible to assume certain loopholes and security issues just based off of what the product is.

  • Vinlock

    i can see this yes.

  • Ed

    The name is engraved on the back of the card

  • robertr

    the names is supposedly engraved .. i saw that in the video

  • Kareem

    Excellent! Well described pros and cons. I was very close to click the purchase button, I changed my mind after reading this article.

  • AesTechie

    A point I see missed here is that by not carrying your CCs, if this is the only card you have and lose your wallet, your CC numbers are not exposed. Additionally, not carrying normal cards protects your CVV #s from being exposed such as by wait staff who walk away with it and can usually guess your zip-code for an online purchase. (Your cc#s and cvv can easily be looked up in another encrypted wallet.) Personally, I think it’s overpriced, even at $50 for something that has a 2 year life and no replacement plan, and to wait 6 months to get it. But the concept is great.

  • keith

    why not just have an app do all this lol- then you just carry your phone- the credit card companies supply the app reader at POS

  • EllieJune

    I think coin looks pretty cool but I think Loop looks awesome. No card needed, just your phone …http://youtu.be/8bLA01NJpEY

  • Keith

    Great idea, but low power Bluetooth doesn’t work with most Android phones out there; and if I pay $100 for a device, I wouldn’t want the battery to die, and be forced to buy a new one. There is another similar company that demonstrated a working prototype at a conference earlier this year.

    http://escardgot.com/media/

  • Shaun Wallace

    What kills this is the lack of rechargeable battery. 50 dollars a pop every time the battery runs out. No thanks, easier to use plastic and not worry about my payment method dying and stranding me. I mean they really could have implemented qi wireless(like nexus or lumia) charging pretty easily.

  • BoldSolar

    It does not bother me to pay in advance for a product. $50 will not break me if it does not come to fruition. And if it helps them raise capital so what? I will have saved $50 or lost it. While I have never gambled in Vegas I will always gamble on a cool gadget.

  • Steve

    I believe I saw it records the number of times it has been swiped

  • zamarov

    What about the security chip in the credit cards, all the new cards have them now, but Coin only copies the magnetic strip

  • http://blog.davidciani.com David Ciani

    Big problem… Coin is basically dead on arrival. It is going to be obsolete as far as credit cards go by 2016 or so when the United States completes its transition to EMV/Chip&Pin. It may still have some utility for gift and loyalty cards…

  • dlutz

    the video says that you can lock it to the desired card before handing it to the cashier

  • dlutz

    I agree. The cost is low. I am considering signing up soon. The thing I hate about credit cards is how many I have to sort through to get to the one I want to use. I thank you for your input. BTW, you seem very up on tech things. Do you use life lock or anything comparable? I am considering getting something in the likes because of how often I use my card online.

  • Myherofails

    Life lock is a scam and is banned in several states. Do some research before committing to it or anything like it!

  • Myherofails

    NFC is already a failed technology. I wish that wasn’t the case but it is. It’s been around a long time now and has an almost nonexistent adoption rate.

  • Myherofails

    Google already has a solution – NFC. And it’s failed.

  • Myherofails

    You can duplicate your card all you want. As long as it’s your card and your the one using it, there is no fraud. I use an iphone app which holds digital images of all of my cards so I have access when needed. No issues at all. If my iphone is lost or stolen it auto wipes after a few wrong passwords. Plus I can remote wipe.

  • Myherofails

    Your concerns are all unwarranted. I don’t mean this to be rude. But none of those are actual issues

  • Myherofails

    The CVv isn’t stored on the mag strip so that’s ok. As far as the card itself – it’s just a piece of plastic. It’s not even encrypted in any real way. There is no reason to worry about adding that info to another card. As long as it’s your info that is..

  • Myherofails

    Since the device locks to that single card, there is no way for them to access the others.

  • Myherofails

    Your information is not stored on their servers. There is nothing to hack. Try reading a bit before claiming the sky is falling. However I am glad to see you worried about hackers as it’s a very real and growing threat.

  • Myherofails

    No. It’s nothing like that. Do you even read the articles before you post?

    This card locks itself if it goes out or range of your phone. The info is useless once you walk away until you get it back.

  • Myherofails

    That’s a while away and none of my cards have it yet.

  • Myherofails

    Don’t let this article change your mind. Most of the info is presented in a negative if slightly untrue fashion

  • Myherofails

    Who cares if they like it?

  • Myherofails

    Well good thing we don’t care what you think.

  • Myherofails

    Wow. You come off as really ignorant. Are you aware of that?

  • Dan Meyers

    What a ridiculous idea! A genuine solution to a problem that doesn’t exist. Technology is moving towards paying with your smartphone (11 year old technology in Japan, btw) and this is their idea?

    Suggested slogan: “Hey kids, get your entire identity stolen with just one card!” Most retailers in CA and in major cities ask to see your credit card. Show them the “Coin” (stupid name to go with a stupid idea) and you will not take your purchase home.

    Hey, that leads me to a second slogan “WOW! Now you can carry all your information on just one card, And use that old outdated wallet to keep your real cards ready for when the sales lady asks for it – How Fun!”

  • AppleUser1984

    Isn’t paypal sort of the same thing? What difference does it make if the cc info is stored on a paypal account/ms word doc or on an electronic device that happens to be swipable?

  • talldoggy

    What is to prevent a waiter / waitress / retailer from buying one – taking your card – copying it into their coin – and going to town? You know how often people take my card without a signature – and no password on US credit cards are just stupid. You can’t use them in Europe for the simple reason that they all use Chips – when you enter your pin – you are not entering it into the system / atm / etc – you are entering it to your card – that tells the other system – yes or no. Also in Europe people bring the credit card machine to your table – they don’t ‘disappear’ in the back room with it where god knows what is happening. I had a card ‘cloned’ at a shopping mall in Bal Harbour – and the person spent thousands. What is to prevent people from using this to clone your cards?

  • Justin Dean Cofer

    Ouch, I bet there are some crying and taking their rage out while playing Call of Duty and wishing they had a girlfriend, but anyways I am really going back and forth on getting one but to concur above
    . 1) It’s an awesome idea 2) If things do take off you will have the bragging rights of being on the ground floor of this product 3) If it doesn’t take off well your out $50 and will have to leave the strip club 5 minutes early.

  • Sue

    Yes I agree. So what if it’s to gain capital, or to assess interest? I’ve spent more money for much less. While I don’t love the idea of being charged before receiving the product, I am going to order in hopes that the product does come to fruition and I’ve then saved a bit. So I have a 50/50 chance of winning or losing. I also think that there are probably some bugs to work out. Someone commented that 8 credit cards was not enough as they have many more. So buy two! Two or even three coins in one’s wallet is better than 19 credit cards. There will always be new ideas and always some skepticism. However taking a chance is how we progress. It’s an individual choice and not something to be so severely criticized.

  • Sam

    Can This Coin Be Used Any Where In The World. If I Live In The Caribbean And I Have Cards From My Country Would It Work.

  • goaheadpickanyname

    What if you choose a card, say a business CC, give the Coin to a waitress who accidentally or purposely bumps the circle again and change the card from your business card to your personal debit card. Now you have pulled money from the wrong account which could cause you to overdraft.

  • karan

    Honestly this will be obsolete in 5 years. Once payments via your phone is perfected there will be no need to have a card of any flavor.

  • James Burt

    Just Freaking GREAT! Now every waiter in the world can clone my credit card in under 30 seconds, and start using the clone instantly.

    This will make credit card theft BOOM. For only $55 anyone can buy this onlycoin device and start cloning ANY credit card they have in their hands for 30 seconds or less!

    From now on, we have to walk WITH the waiter and WATCH our credit card, to make sure he does not clone it!

    Thanks a LOT

  • Anthony Waldo

    This is my invention from 2011..! They stole it when I couldn’t go forth with the process because it was way to expensive !

  • kgcmd

    Ok, so you hit the personal visa card button to pay your bill and in transport to the cashier, the waitress accidentally hits the “Amer Express” company card button and your lunch gets charged to the wrong account…? Safe guards for that? And, the author of this article has 19 cards and it’s not for him? I guess not! This individual needs a “money makeover” course, ridiculous having that amount of plastic and slightly stupid for admitting to that… Just saying!

  • Bernard

    No. Paypal that isn’t in the slightest how paypal works.

  • twothbeave

    That’s about as long as it’s supposed to last, and I would gladly give up my huge wallet for 2 years until the transition is happening. And it’s going at a snails pace. Dont get me wrong I can’t wait until we are chip based those 2+ years can’t come soon enough! Hope we will have payments based on biometrics on our phones for real security and no more numbers!

  • CHROMEWARRIOR

    YEAH i have a card for sale for $50 too, it blows u every time ur horny. I only accept money orders, please mail ur money to IGOTMEASUCKERTOSEND$50, USA.

  • mustraight

    Perfect Wallet for the Minimalist-Techie/ Coin-Card user.
    KAPOTAS The Ultimate Minimalist Wallet

    https://www.etsy.com/listing/196206177/kapotas-the-ultimate-minimalist-wallet

    Finally I can keep my iPhone naked and still add a pocket for my card & ID!
    Had to share!

  • Joe

    The issuer will in most cases be responsible…VI/MC rules should apply and transaction will likely qualify as card present.

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