You might remember when we talked about Coin last week. It’s a credit card that stores all of your credit and debit cards in one convenient-to-carry package, and while initial reactions were overall positive, growing concern of it being vaporware were abundant, and security concerns certainly didn’t help much. However, Coin just announced some new features coming to the card, and even answered some more questions on security and other concerns.
Three new features have been added to Coin since its initial announcement last week. Firstly, Coin will be able to alert you via the iPhone app if the card is being swiped fraudulently. Secondly, Coin will be able to work without being tied to a phone (there was concern that you’d always need your phone on you if you wanted to use the card), and it’ll still work if your phone dies. Lastly, Coin can be locked to one particular card, so that it won’t accidentally be switched by someone when they press the button on the card (like a waiter or cashier).
As far as how Coin is being perceived by credit card companies, as well as merchants, Coin says that the “feedback has been overwhelmingly positive.” This can only mean that Coin will be welcomed with open arms in the financial world, and it’s already received a ton of attention from consumers; the company says that it reached its $50,000 fundraising goal in just a matter of 40 minutes, thanks to pre-orders of the Coin card that are selling for $50 a pop.
It’s launch video (seen above) also has over 5.5 million views at the time of this writing. It’s obviously too early to tell if Coin will be successful, but it’s certainly one of the most-hyped products we’ve seen recently.
The Coin looks like a slate-colored piece of plastic that has a small display on it with a magnetic strip on the back for swiping purposes. The display shows you what credit card is active, and there’s a small button that you can press to pick the card you want to use.
The Coin comes with an accompanying iOS app and a card reader that you plug into the headphone jack. To add credit cards to the Coin, you simply swipe the card using the reader and then take a picture of the card so you know which card is which when you’re managing them in the app. Then, using Bluetooth, you send all of that information to the Coin card.
While the concept isn’t new, Coin is attempting to turn the idea into something practical and easy-to-use. The company isn’t launching the Coin card until next summer, which is still a ways away, and a lot could change between now and then, but we’re hoping for the best.