Instead of carrying all those cards in your wallet just carry your Coin. Coin works anywhere those cards are accepted. The device, about the size of a typical credit card, holds up to eight debit, credit, gift, membership, and loyalty cards and allows you to switch between them with the click of a button. Card information is scanned into Coin through a smartphone by using a Square-like appendage; the device is then connected to the user’s phone and will notify the user if it appears that they’ve left their Coin behind.
Coin is a Bluetooth card that can be used in the place of the cards in your wallet. Any card with a magnetic strip can be added to Coin, and a button on the front allows you to easily swap between cards. With each button press, the magnetic strip on the card essentially becomes your card of choice, giving you the ability to carry around your whole wallet in just a single piece of plastic. A tiny LED screen displays the last four digits of the card you’re using along with its expiration date.
Coin is safer than a normal plastic card. If you leave it behind it will lock up. On the mobile app when you try to add cards you’ll only be able to add your own cards and there will be a pin protection on any sensitive data.”
Coin will also employ 256- and 128-bit encryption on the device, phone, and server.
As for the added security of a signature on the back of a credit card. Your name is going to be on it, your signature is going to be on it so merchants will know it’s you who has the card. If your card is near your phone it’s working, but if a leash breaks, which could happen if you leave it behind or someone steals it, it will lock down and keep your financial information secure.”
If phone could die or could be in airplane mode the Coin will lock but there will be a one-button passcode you can use to unlock the Coin.
The early response to Coin has been pretty overwhelming, with the company reaching its initial pre-order goal shortly after it went online. The whole company’s premise is to simplify and improve people’s lives, and they will begin shipping hopefully this summer.