Coin Could Replace Every Card in Your Wallet

November 18, 2013, Written By John H. Oldshue

Ever feel like your wallet is bogged down with too many cards? Wouldn’t it be great if there was a way to consolidate all of your credit, debit and gift cards into a single card?

With Coin, that may not be a crazy dream after all.

Coin is a revolutionary smartcard and app that stores the information for up to eight credit, debit and gift cards.

To upload your card information onto the Coin app, consumers connect a card reader onto their smartphone, open the Coin app, slide the card through the reader and then take a picture of the front and back of the card.

Once you have loaded all your cards, consumers can use Coin by simply pressing a button to select which one of your cards you’d like to use and swiping Coin just like you would with any other credit or debit card.

The idea of putting all of your accounts in one location isn’t all that new, considering the number of mobile wallets now available on smartphones. The difference is that Coin offers better security with the same convenience. If someone steals your phone, he won’t have instant access to your account information, at least not to the point that he can make a payment. If you leave your Coin somewhere unattended, an alarm will sound on your smartphone to let you know you’re out of range.

Coin is projected to be available next summer.

Coin will be able to be used everywhere magnetic cards can be swiped, including dip-style card readers and ATMs. However, consumers may have difficulties using it outside the United States.

Last week, Coin launched an effort to raise $50,000 via crowdfunding to cover manufacturing costs and the goal was met in 40 minutes.

It is currently available for a discounted pre-order price of $50 but it will be $100 when it goes on sale.

 



The information contained within this article was accurate as of November 18, 2013. For up-to-date
information on any of the terms, cards or offers mentioned above, visit the issuer's website.


About John H. Oldshue

John Oldshue is the creator of LowCards.com. He worked for over 15 years in television and won an Emmy award for his reporting. He covers credit card rate issues for LowCards.com.
View all posts by John H. Oldshue