San Francisco Startup Seeking to ‘Coin’ a New Wallet (Nov. 18, 2013)
While many industry players are betting that smartphone-based digital wallets will someday replace cards, one startup is offering a wallet that takes the form of a card. San Francisco-based Coin has unveiled a new payment card-sized device with a magnetic strip that can hold the credentials of up to eight payment, gift and loyalty cards. Users load each card onto the device by taking a picture and swiping the card into a dongle that attaches to a smartphone and connects to Coin via Bluetooth. Once cards have been loaded, users can scroll through the available cards with a button on the Coin device, with details of each card—including last the last four digits, expiration date and CVV code—shown on a small screen. Once a card is selected, it can be used for payments, ATM withdrawals, loyalty and gift redemptions—all via swipe, without having to rely on NFC acceptance technology. For security, Coin sends an alert when it’s not near a user’s phone.
Coin is taking pre-orders for the device on its Website, with shipping expected in summer 2014. Pre-orders cost $50 for a limited time, with the price set to double to $100. The battery is designed to last for two years, after which the device must be replaced, according to the company. For now, Coin only works with magnetic stripe cards, and is not compatible with EMV.
Last year, Paybefore reported on a similar magnetic stripe/contactless card, GoNow eWallet Card from Digital Life, which enables users to load multiple payment cards into their digital wallets and access them via one card.
