This video is for a new San Francisco based start-up company called Coin. Their stated goal is to build products which “simplify, improve, and fit seamlessly into your life”.
The new product, ironically known as Coin®, is a new digital payment card which stores the details of all your payment cards – meaning that you only need carry your Coin® card rather than a wallet full of different payment cards.
As the video demonstrates, a card reader is provided which connects to your smartphone allowing you to swipe each of your debit or credit cards in order to store their details within the Coin® app. This in turn transfers the data to the Coin® card.
The Coin® card can store up to 8 different cards; debit, credit, gift, loyalty and membership cards. It also includes a security device which works with your smartphone via Bluetooth – your phone emits an alert if the card goes out of a specified range and disables the Coin® card. This poses the question “what happens when my phone runs out of battery”, of which the answer is that the Coin® card will be disabled. Though this seems a drawback, in reality so many people are reliant on their mobile phone it is unusual for them to let their battery run low – at least for the majority.
The Coin® card is currently aimed at US customers as it works with a magnetic strip only, it doesn’t include the smart chips used elsewhere around the world. The company has said this will change in future versions of the digital card.
The product is expected to launch during the summer of 2014 but Coin is already accepting orders, priced at $55 including 50% discount.
Source: Coin website