Coin Promises to Replace Every Single One of Your Credit and Debit Cards
In any given group of people, most of them will have only credit and debit cards on their person as a means of payment, while maybe one or two will have cash. I definitely fall into the former category. Instead of having to carry your wallet full of plastic, from gift cards to membership cards, Coin has come up with a way to connect all of your accounts to a single card device — which works exactly the same way as a card. If you're looking for an incredibly unique gift for someone, something that they'll actually use, this is it.
Coin works by storing your financial data in your smartphone, which connects to the card via Bluetooth. When you buy it, an accompanying swiping device comes with it, which connects to your tablet or phone. All you have to do is take pictures of whatever cards you want to access through Coin, swipe them and upload them to the app. While Coin can only hold up to eight cards at a time, the app can store an unlimited amount. When you want to pay for something, you select which card you want to use on Coinand that's it! You can even use them at ATMs and gas stations.
Whenever something stores sensitive information electronically, people worry. Forbes took those concerns to the creators of Coin and was assured that the gadget is password protected and is 128-bit/256-bit encrypted. “The CSC code is encrypted on the Coin and when you dial in the card it shows up on the screen,” Coin explained. The device only shows the last four digits of the card number, the expiration date, and the CW. An alarm is also built in that keeps track of how many times Coin is swiped, and will send your phone an alert if fraud is encountered.
Coin has a really in-depth FAQ section on their site, answering over 50 different questions regarding safety and usability. According to CNN, Coin plans on adding a button to their card so you can reactivate it even if your phone dies and there will also be a "lock" so a waitress won't be able to accidentally switch your payment preference when taking it from you. Problems may arise, but Coin just wants everyone to remember that they're still incredibly new and are only six months old.
You can pre-order Coin for $50 for the next 19 days (shipping begins summer 2014), after which the device jumps to its normal $100 price.