How many credit cards do you have? Do you carry multiple cards in your wallet? Does it make your life more difficult when you have to work your way among all these cards trying to reach the one most appropriate to use?
This is the reason why the COIN is now in place. This is a single credit-card shaped device with all your cards electronically stored in it. At any point of time, you can save upto 8 card information in the coin. Just shuffle through them to pick the right one to pay at any establishment. Does it sound complicated or do you think it will make your life easy?
What is the COIN?
As you see in the image above, the coin is just like another credit card shaped device. It has the capability to save all your card information so that you dont have to carry them around everytime you go out. That makes your wallet/purse lighter and easier to handle.
How does the Coin work?
You might be concerned now as to how you get all your cards into this Coin. Well, that has been taken care of to make it as simple as it can get.
- Download the Coin app onto your smartphone.
- Attach the included Dongle onto your smartphone and swipe the credit card into the slot
- Now take a picture of the front of the card from your phone so it makes it easy for you to identify which card.
- Repeat this step for all your cards. Now all your cards are saved onto the Coin device.
- At the restaurant or the grocery store, you will first select which card you want to pay from,
- You do this by tapping on the circle you see on the coin, this will light up the small LCD display on the coin and allows you to scroll over to any card of your choice
- Hand over the coin to the cashier to swipe and voila!!!!
Why the coin app?
Now you do know that the coin app on your smartphone transfers data to the coin device as you swipe your cards. But that is not all, there is another more important usage of this app. I think you might have guessed it, security!!!
How secure is the coin? With all your credit cards saved on it, is it not vulnerable if you lose the coin?Not to worry since it has been thought of already!!!!
When you first swipe your cards onto the dongle, the card information is first saved onto your phone via the coin app. Then it is transferred to the COIN where it is again saved using 128 bit encryption keys.
Now coming to losing the card or leaving it behind at an establishment. If you walk away from the card, your coin app will start to beep and you are alerted that you got separated from your coin card. Now, if that alert goes unheard, and you still walk away from your card, it will deactivate itself after a predetermined lapse of time. That I think should answer the safety and security question we all would have!!!
The coin card is also water resistant and also safe to carry along with other magnetic strip cards together. The included battery is supposed to keep it charged for two years.
Preordering or rather pledging $50 dollars will get you the card when it is ready to be shipped. The first shipment is expected to go out next summer in the Americas and it will be priced at $100.
Over to you
Do you think you will pledge $50 for this new invention? I am sure it will be a lot useful and easy to manage your credit cards with this one single coin card. The security loopholes are hopefully answered and taken care of . Share your comments on this article. See the video below to also see how it works.
About the Author (Author Profile)
Praveen Rajarao is a Software Tech Lead and in his spare time blogs on his website – http://www.dailymorningcoffee.com and http://www.techivy.com. His topics range from blogging to technology to affiliate programs and making money online and how-to guides.
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