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?