Coin, The Future Credit Card?
A lot of talk is spreading across the net about this concept. Coin is the card to replace all cards. And by that I mean it’s a virtual credit card in physical form; it can be your debit card, credit card and rewards card, and business credit card all in one. You just tap the card to select which of your already existing cards you want to use and when swiped it is run as that card.
The most successful advances in technology and life are those that allow you to continue to do or act the same without any major change in your daily routine. Humans don’t much like change, we are much more receptive to the unexpected done in a familiar way. You are still swiping your card, still using a familiar shape and you likely will have little explaining to do when you hand your card to someone. This also avoids merchants having to completely retool to meet the new standard thereby allowing you to start using Coin immediately. Less barriers to overcome when paying is the mantra for most retail businesses, they want your money not your time.
But Coin is not without it’s obstacles. As with anything new and innovative it has perceived downfalls and shortcomings. One such issue that could make or break Coin is whether or not card issuers actually allow it to exist. Adam Ludwin of RRE Ventures raises the point that Coin relies on the ability to clone multiple cards which may be seen as a violation of most card companies terms of service.
The other, slightly less worrisome, issues have to do with battery life and issuing in markets outside of the US that use smart chips. Smart chip cards will likely eventually be covered if Coin seeks to expand outside of the US. Battery life is concerning but is projected to last 2 years of “normal” use. The FAQ mentions replacing the card when it no longer works, but does not mention any kind of procedure or cost associated with replacement most likely because they haven’t figured out the cost of replacement. Will it be free, full price or half price?
Security seems to be a high priority and will actually make using a credit card slightly more secure. The full details of your credit card are never displayed and you can deactivate Coin if you leave it or have it stolen. Which also means you will still have your cards safely at home and the only inconvenience will be ordering a new Coin and the time between losing your Coin and getting your old cards, no calling to cancel all your cards and no visiting banks/waiting for a new card to arrive.
Overall Coin is very exciting, not because my wallet is exploding with cards (too many receipts and other bits of paper), but because it really seems like the next step in payments. Nothing is more exciting than seeing the realization of technology and life coming together to make everything easier, more secure, and most of all actually useful. RFID and NFC payment solutions offer new and easier, but require merchants to adapt. Coin uses our existing behavior as an advantage in being widely accept and is why so many people are excited and are pre-ordering.
Coin will be released summer of 2014, you can read more about it in their FAQ
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