Coin. All your credit, debit, and gift cards in one?

http://abcnews.go.com/Technology/coin-combines-credit-debit-gift-cards-gadget/story?id=20899931

Here’s how it works:

Coin isn’t another system of payment, but Parashar’s way of uniting several different methods of payment into a single device. Coin users plug a magnetic strip reader into a smartphone, swipe their cards, and sync their information through the company’s app.

In order to make a payment, users tap a button on the Coin card and pick which account they want to pay with, whether it’s a business credit card or a personal debit card. After picking an account, the Coin card is swiped through, no different than any other card.

Thoughts? Frankly I only have one main bank account I use, so I am not interested. However, I think this is following a very clear pattern that technology is following — centralization.

We like to keep all our things together, why carry a bunch of cd’s when you got an mp3 player, or books when you have a tablet, etc.

I certainly like to keep things together, cause I am kind of a mess. If I can access everything from a mediating source, why not?

PS. When are we going to forego the card altogether and just get the magnetic strip implanted?

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3 thoughts on “Coin. All your credit, debit, and gift cards in one?

  1. GabbyG

    One of the biggest complaints of Coin is the fact that if it “sounds like a great idea… until you realize that the price of replacing a handful of plastic credit cards with a single one is that your ability to pay for anything becomes entirely dependent on the battery life of your smartphone. That’s for security reasons: If it loses contact with your phone for a user-specified period of time, from one to 10 minutes, Coin deactivates itself. Coin CEO Kanishk Parashar says he wants to solve this problem, someday, but it’s not clear when or how that will happen.

    Thus, Coin has the same problem that all digital wallets have: In those odd moments that you find yourself with a dead phone battery, it ceases to function. That might not happen so often, but think of the times it might, and how they’re precisely those moments you would most want your credit cards to function: Late at night, when you need to pay a cab, tow truck, restaurant bill, or whatever else you need to get you back to a place where you can charge your phone again.” http://www.theatlantic.com/technology/archive/2013/11/the-clever-new-digital-wallet-that-will-never-ever-succeed/281504/

    Even though it has a gps location reminder, I don’t know how comfortable I’d feel with having all of my cards in one place. What happens if you accidentally charge something to the wrong account, or like it’s stated above, your phone dies? Lately, people have been trying really hard to make digital wallets a thing but at this point I think the cons outweigh the pros

    Reply
  2. jscillitani

    Wow I find this whole concept pretty interesting and cool. However, I think I would be too hesitant to use something like this. I would be worried about someone somehow somewhere haunting access to my accounts. To this day, I am even hesitant about online banking and purchases due to the horror stories I have heard. Maybe this is me being too cautious and paranoid, but I don’t think my thoughts about this will change any time soon.

    Reply
  3. angiewishes

    This is extremely innovative! I would probably get one just for the fact that I forget cards in my other jacket or in different pair of jeans all the time. But Gabby has a point, if your phone dies then you’re stranded AND broke, which is probably not the best combination. Getting a magnetic strip implanted would be pretty cool because then losing credit cards and identity theft would be harder. I have a feeling that it will come in our future because technology is always looking for ways to make life more convenient.

    Reply

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