Coin To Replace Credit Cards
The title may seem like we’re taking agiant step backwards… but read on….
Coin is a new app and gadget that combines all of your credit and debit accounts into a single card.
If your wallet’s starting to get a little too thick to fit in your pocket, Coin might be able to lighten your load. That’s Coin, not coins.
It looks no different than a standard credit card, but it’s actually a small device that can act as a credit card, debit card or gift card. The device is available for pre-order and expected to start shipping next summer.
Coin CEO Kanishk Parashar said that the company was born from the ashes of the failed company Smart Market. That app, another mobile payment system, failed to notify customers when they were near a store that accepted the app. “There was no need for a card or wallet, but we didn’t see payments going through the system,” he told reporters.
Coin isn’t another system of payment, but a way of uniting several different methods of payment into a single device. Coin users plug a magnetic strip reader into a smartphone, swipe their cards, and sync their information through the company’s app.
In order to make a payment, users tap a button on the Coin card and pick which account they want to pay with, whether it’s a business credit card or a personal debit card. After picking an account, the Coin card is swiped just like using any other card.
It may seem a little risky to keep all your financial accounts bound to a single card. However, Parashar and his colleagues have engineered security measures into Coin. All communication between the Coin card, app and servers are heavily encrypted. All your financial information would be secured.
In addition, Coin cards themselves broadcast a low-power Bluetooth signal that detects where your smartphone is. It works on the concept of being on a leash. If you’re walking away from your card and go out of range of the Bluetooth, Coin locks itself from use and your iPhone will then signal you with an alert.
But even if you miss that alert, you don’t have to worry about other people using your card. After a certain period of time (determined by the user), Coin will automatically
deactivate and stop other people from using it.
Coin is currently available for pre-order for $50. It may seem like a hefty price to pay for a lighter wallet, but Coin executives are optimistic.
I see this as a big step forward in mobile payment processing and simplification but believe that the ultimate solution would be for your smart phone to manage and make all your mobile payments as well as manage all the different courtesy and awards cards stores hand out today.
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Watch the video on YouTube here: