Many of us remember Coin, a firm based in San Francisco because of its last year invention; a $100 card. Coin is here again with a new innovation; a digital card capable of replacing all your credit cards. In words of the firm; ‘Coin works with your debit cards, credit cards, gift cards, loyalty cards and membership cards,’ the firm boasts. Instead of carrying several cards you carry one Coin.
The Coin card, as it is being called, works like other cards by making use of a magnetic strip, however, the information on this magnetic strip can be changed based upon what the user wants to use the card for. By making use of an app, up to eight cards can be programmed securely in the Coin card. The user can then switch between cards by pressing a button with ease.
In order to test the card further and make it fool proof, the company is expanding its beta program to a total of 10,000 persons. Kanishk Parashar, founder of Coin, said; ‘This is designed for the lifestyle of today with the technology of tomorrow. You don’t need eight cards every day, so your phone is kind of like your drawer, and your Coin is kind of like your wallet.’
The process of adding information pertaining to existing cards is quite easy and simple. The user has to take a picture or two and swipe the particular credit card through a dongle that is attached to the phone. Afterwards, user can tap on the button and select which credit card they want to use in order to make the payment and then swipe the Coin card.
Coin card is powered by a battery that is supposed to last for about two years and powers a small display screen that shows which card has been selected along with the expiration date. So what happens when you forget the Coin card behind or it is lost? Well, the good part is that the Coin card operates only when your smartphone is within Bluetooth signal reach. In case of being disconnected from the smartphone for more than ten minutes, the user is alerted via smartphone and the card disables itself automatically. The downside is that you won’t be able to use it if you don’t have your smartphone or if it runs out of battery.