COIN - One card to rule them all...

The_Chief · Nov 15, 2013

I found this and was so enchanted with it that, with some urging from a colleague, I thought I'd post it for all to see.

COIN

This is a digital credit card that stores your other credit, debit and loyalty cards in it! You select the card you want to use and swipe. Leave the real cards at home! It uses Bluetooth Low Energy to talk to the app on your smartphone. If it's lost, stolen or otherwise separated from your phone for a period of time you specify, it de-activates for security purposes.

I could go on and on but just watch the video on the website. A limited number of COIN are available for pre-order at HALF PRICE ( well, except one, it's MINE

)

NOTE: Non-USA folks need to read the FAQs on the website! It may not work in your area!

Is this a groovy thing or what?

EDIT: This is THE one and only official COIN thread. Feel free to post your own referral links in this thread, but any other threads created for COIN will be either merged back in here or done away with. We can't have these things running rampant all over the place. Thanks

rabidhunter · Nov 15, 2013

It is pretty groovy. I think that there is one fatal flaw in the product. I beileve that by 2015 all credit/debit cards must have chip and pin (the bank I work at has carefully calculated reordering debit cards for this reason). So, if that's the case, it's going to be interesting in how that works.

Stigy · Nov 15, 2013

Everyone use my referral code - please! YAY!

CLICK ME >>> https://onlycoin.com/?referral=3CXU51x7

codesplice · Nov 15, 2013

I got really excited about a similar concept when there were rumors regarding a Google Wallet physical card that would function similarly. This one is still a pretty cool idea, but I really only ever use one of two cards (or Wallet) so not worth the $50-100 for me.

The_Chief · Nov 15, 2013

The Chip & PIN concept is okay... except that RFID sniffers are rampant. One swipe near your back pocket and a bad guy has ALL your information. In fact, my wallet is shielded against RFID sniffers.

I don't see "tap your card" PayPass becoming a standard for a long time: too many merchants have card slot POS (point of sale) devices and aren't going to quickly move to PayPass. Oh well, if it does, I'll enjoy Coin until that happens

Dingster1 · Nov 15, 2013

I watched the video and was intrigued. Can't get past the thought of losing my one card...

Stigy · Nov 15, 2013

Dingster1 said:
I watched the video and was intrigued. Can't get past the thought of losing my one card...

Lose this card and after the time (that you set) its disconnected from your phone passes, the card deactivates itself.

Also best part - lose this and it deactivates and all your card numbers are still safe!

The_Chief · Nov 15, 2013

I intend to make a point to NOT lose it

EDIT: But you know, I was thinking... losing Coin would be so much better than losing the actual cards (which you could leave safely at home). Anyone who finds it will find a de-activated piece of plastic instead of all your cards with numbers, expiration dates and CVV codes on the back. You don't have to place fraud alerts on anything or call toll-free numbers. They won't have the app or the little piece of plastic to load it, so it would be worthless to them.

I will likely slap a label on mine that says "Reward if found: call (xxx) xxx-xxxx" so that MAYBE somebody will help it find its way back to me.

mikedt · Nov 15, 2013

The_Chief said:
The Chip & PIN concept is okay... except that RFID sniffers are rampant. One swipe near your back pocket and a bad guy has ALL your information. In fact, my wallet is shielded against RFID sniffers.

The Chip & PIN system used in Europe, as I know it is not RFID and is not contactless. AFAIK it can't be sniffed from your wallet, the card has to be swiped or dipped for it to be read. A chipped credit card actually looks like a SIM.

My school canteen uses an RFID card to pay for meals, that I pre-pay when needed. For this I just hold my wallet to the reader and don't even remove the card. This is the only RFID card that's in my wallet. Can't use the card anywhere else except the canteen.

The_Chief · Nov 15, 2013

Thanks Mike. It's been a LONG time since I traveled outside the country so I'm not really up to speed on international payment methods

Unforgiven · Nov 15, 2013

The_Chief said:
Thanks Mike. It's been a LONG time since I traveled outside the country so I'm not really up to speed on international payment methods

Europe used the chip in the card primarily when I was last there in 2002 (IIRC).

Codegerm · Nov 15, 2013

Stigy said:
Lose this card and after the time (that you set) its disconnected from your phone passes, the card deactivates itself.

Also best part - lose this and it deactivates and all your card numbers are still safe!

It is going to be really inconvenient if your phone dies (broken, dead battery, etc.), and you're not at home where your cards are..

The_Chief · Nov 15, 2013

A valid point! Make sure you have a full charge before going out

Stigy · Nov 15, 2013

Codegerm said:
It is going to be really inconvenient if your phone dies (broken, dead battery, etc.), and you're not at home where your cards are..

So this is from their FAQ, but I will definitely reach out to them for clarification on this topic. That's a great point.

Q. What if my phone runs out of power or is in airplane mode? Will my Coin be useable?
A. Yes, but you may need to unlock it if the Coin becomes deactivated due to being out of contact with your phone for too long.

big_z · Nov 16, 2013

This looks awesome, but I have a hard time believing the credit card companies are going to take kindly to it. You're basically cloning your card.

Training customer service people is also going to be tricky. I already have problems with my Amex; my bank name is the prominent text on the card and people don't realize it's an Amex. I had one pizza clerk (who couldn't have been more than 14) tell me "I don't think we take this card" when I'd used it several times before AND the sticker on the door says Visa/MC/Discover/Amex. There's no way he takes a card with no logo on it.

unnamedny · Nov 16, 2013

Even if this is awesome as it is, they are going to charge you for that service. So I don't see the point getting it.

Only good thing I see in this, if you lose your wallet or that one card gets stolen, you will have to cancel 1 card only.

64MarcoV · Nov 16, 2013

Not for me because i don't like the swipe tech. Too unsafe (skimmers)

In the Netherlands we dip our cards when we pay at any store. Swipe tech is banned because of too many skimming issues.

And choosing the card on COIN you want to pay with is also unsafe. You give the card to some costumer service person, and he or she can change that easily.

Too many things that are unsafe.

The_Chief · Nov 16, 2013

Okay, I think we can all agree that there will be circumstances where you DON'T want to use COIN.

But most of my purchases here in the USA are swiping at the gas pump, grocery store, and ATM. Very rarely do I hand a card over to our restaurant server to pay for dinner ( call me cheap

)... but in that instance, will the server even know what it is? Will they even accept some black thing as legitimate payment without suspicion?

Yep, us early adopters have limitations placed on us. No doubt COIN 2 will be rechargeable, and have additional protections built in. It's the price we pay for being first, I guess... but SOMEBODY has to lead the way

breadnatty08 · Nov 16, 2013

Is there not a way you can lock in which card your using via your phone?
I feel like Marco's right, it's easy enough for the clerk to click the button changing your card just by handling it.

The_Chief · Nov 16, 2013

Hopefully that short little video doesn't hit all the protections built in... we'll see next summer I guess...

Unforgiven · Nov 16, 2013

64MarcoV said:
In the Netherlands we dip our cards when we pay at any store. Swipe tech is banned because of too many skimming issues.

According to the FAQ, that is supported as well (emphasis added).

Q. Where can I use Coin?
A. You can use a Coin everywhere cards are accepted including dip-style card readers and ATMs. Use a Coin just like you use your cards now at gas stations, restaurants, the mall, the gym, or other places you frequent.

BTW, is dip-style the embedded copper colored chip? I think that is what I was talking about a few posts above.

64MarcoV · Nov 16, 2013

Unforgiven said:
According to the FAQ, that is supported as well (emphasis added).

BTW, is dip-style the embedded copper colored chip? I think that is what I was talking about a few posts above.

Yes it is called dipping, like dipping your cookie in your coffee. Or dipping your ***** into ***** (insert naughty thoughts)

MoodyBlues · Nov 16, 2013

rabidhunter said:
I beileve that by 2015 all credit/debit cards must have chip and pin (the bank I work at has carefully calculated reordering debit cards for this reason).

Bank of America told me a while back that my current debit card number--which I've had FOREVER and know by heart--will have to be changed when my current cards expire in 2016. Is this related?

As for COIN, I'm really undecided right now. I love technology and I'm intrigued by its premise, but I'm not sure it's quite ready for prime time just yet.

huh · Nov 16, 2013

I'm already on the verge...with the fraud protection linked to my cc and debit card accounts at bank of america. It seems that at least once a week my card is declined due to "fraud protection" and I'm in the middle of the store calling customer service to unlock the stupid card! It's really becoming more of an inconvenience than an asset at this point!I'm actually considering taking my accounts elsewhere because of it... I wonder if COIN at least in the roll out phase could be even worse... :thinking:

Codegerm · Nov 16, 2013

I think it is an interesting concept, but I simply don't carry enough cards to justify paying 50 or 100 dollars for it.

COIN - One card to rule them all...

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