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Coin

RJKarl said:
I absolutely know this for a fact. Swiping a product like that was no different to the aggregators or Visa than typing in the number. It's possible they are paying Visa something, but Visa does make the rules.

Our product was actually more secure than this one in that the encrypted numbers on our card simply gave access to our system rather than giving the actual numbers.

Also if someone breaks the notification code, you are totally at the will of the person who has your card.

I didn't see a critical issue about the card's security on the video. It looked like there was basically a way to dial which card you wanted to use and it then encrypted the magnetic strip to be used. If there is no security to get into the product if you lose it, any can pick it up and use, or if they have one, they can download your data to their device.
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It is encrypted data, fwiw.
 
Is it really that big of a hassle to people to carry 3 or 4 cards in your wallet? Seems like kind of a neat technology but I can't imagine wanting to pay 100 bucks for it.
 
If you can pick up the card, you can use it if there is no sign in. If you have one of their cards and a Four Square device, you could swipe all their cards into your device. In essence you could make a duplicate copy of his card.
 
But RJ is right, I'm pretty sure products like this have been tried before and failed.

There are a few huge issues that circulate around the fact that the card is basically anonymous. There is no name/signature verification a merchant can do, there is no Visa/MC logo to prove that the "card is present" or endorsed/issued by a valid issuer. If a merchant accepts this card they're basically taking on all liability. It'd be like if I cloned my credit card onto a blank white card with a magstrip and expected a store to actually let me use it.

I don't think there's any benefit for the major credit card companies to back this product either, which is what it would take to make it safe for merchants to take (and some rewriting of the merchant agreements).
 
Oh and forget about opening a tab at a bar that holds onto your card (unless you want lots of notifications on your phone all night?)..

.. or using an ATM.

.. or explaining to your boss that the cashier accidentally hit the card change button when swiping the card and that's why your family's groceries are charged to the business account.
 
I agree that it's neat technology but the problem it's solving is so insignificant that I'd never pay money for it. Actually, it's probably easier for me to pick the correct card out of my wallet than to select the correct card by pushing a button a few times.
 
Article on COIN just hit CNN website. Says they sold the 50,000 they hoped for int he first 40 minutes.

Yes there are other cards like this on the market, and seem to be popular in Europe.

If I only carried four credit cards, I would not bother ordering this either, unfortunately, not the case for my Castanza wallet.
 
cookoutdeac said:
Oh and forget about opening a tab at a bar that holds onto your card (unless you want lots of notifications on your phone all night?)..

.. or using an ATM.

.. or explaining to your boss that the cashier accidentally hit the card change button when swiping the card and that's why your family's groceries are charged to the business account.
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The ATM problem is a big one. This is where a lot of identity theft happens. If you use a convenience store or bar or club ATM, you could have your data duplicated.

Our product would have kept this from happening. Macy's, the National Retailer's Federation and others all wanted us to rollout our product. Visa's myopic meglomania killed us.
 
Noob question: how do you pick which of the 2-4 accounts on the card you want the charge to go to at the register?
 
West End Deac said:
Noob question: how do you pick which of the 2-4 accounts on the card you want the charge to go to at the register?
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You hit a button on the card that changes the display to show which is selected.
 
West End Deac said:
Noob question: how do you pick which of the 2-4 accounts on the card you want the charge to go to at the register?
Click to expand...

Our product allowed you to have up to 100 credit, debit, loyalty cards as well as access to insurance coverage and other personal data.

After putting your PIN in at the POS, you'd choose what you wanted to use.
 
faxmachineanthem said:
I agree that it's neat technology but the problem it's solving is so insignificant that I'd never pay money for it. Actually, it's probably easier for me to pick the correct card out of my wallet than to select the correct card by pushing a button a few times.
Click to expand...

This. I don't see the problem this product is solving.
 
RJKarl said:
I absolutely know this for a fact.
Click to expand...

Tardawg is correct. It will be completely transparent to the networks whether the real card was swiped or the Coin card since identical track data (from the magstripe) will be presented to the merchant's POS.

Cookout correctly identified the biggest issue- why would a merchant accept this form of payment if it is not branded like a traditional card?

I don't see signature verification as a big issue as a signature panel could be added to the back of the Coin card which could then be validated against the name present in the track data (which is frequently printed on receipts in most of the world).

IMO, using BLE to write track data to the magstripe on the Coin card is rather brilliant.
 
If they could include loyalty card info like my HT vic card I would be interested. I carry 1 debit card and 2 credit cards but I have about 5 different merchant loyalty cards in my wallet. I hate digging around for those things. I downloaded an app for my phone that supposedly handled this but the stores I go to wont use it. Show the card or give your phone number are the only choices.
 
Yeah. My issues isn't credit/debit cards. It is insurance cards, sam's club, bar card, courthouse id, brooks brothers corp card, jos bank corp card, etc.
 
"Cookout correctly identified the biggest issue- why would a merchant accept this form of payment if it is not branded like a traditional card?"

As far as the merchant's POS machine knows it is the branded card.
 
DeaconCav06 said:
Yeah. My issues isn't credit/debit cards. It is insurance cards, sam's club, bar card, courthouse id, brooks brothers corp card, jos bank corp card, etc.
Click to expand...

Our product had all of that available as long as there was a place to swipe it. What you stored was up to you.
 
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