Coin is an electronic credit card device that stores all of your other cards’ information (up to eight). This enables you to take just one card, Coin, with you wherever you go. A digital display on the Coin card (that shows last four digits, exp. date, and CVV) lets you toggle between different cards.
The Benefits of Coin
Instead of a bulky wallet filled with debit cards, credit cards, gift cards, loyalty cards, and membership cards, you just have Coin. Coin can be used anywhere cards are swiped: registers, ATMs, etc. As someone who normally carries around seven cards, this seems convenient.
From a security standpoint, Coin does take some extra measures above and beyond normal card security. But it does involve using the associated app. They do not, however, use chip and pin technology, prevalent in Europe.
More Thoughts on Coin
Right off the bat I can see a couple of negatives. I still run into vendors who need a card with raised numbers. Coin doesn’t have raised numbers. Secondly, I use my business debit cards to make deposits – I wonder if my bank might balk at working with Coin. Finally, Coin isn’t cheap, as you’ll see below – and it wears out (like most cards do) after about 2 years.
I do see Coin as a good solution to the seemingly slow acceptance of Google Wallet. Since we’re not all using our phones as wallets quite just yet, Coin seems like an excellent technology bridge.
I guess I’ll have to see if it’s a win or not. Because, I ordered a Coin. It’s supposed to arrive Summer 2014.
Getting a Coin
The folks that made Coin plan to make their money, at least initially, by selling Coin for $100. For a limited time, you can get Coin for $50.
(Note that since I’m a Coin user, I can refer other users and receive $5. All of the links above are referral links. If you’d rather me not get a referral, simply use this url instead: www.onlycoin.com)