COIN: Anyone considering it? (1 Viewer)

[Sam Posten]

Fast co is impressed:http://www.fastcodesign.com/3021765/innovation-by-design/the-smart-design-idea-behind-coin-the-digital-credit-card-that-could-re

 

[Moe Dickstein]

Thanks Sam, great article. Glad I have mine locked in lol

 

[Sam Posten]

You bet. I'll keep posting informative stuff, pro and con.

 

[Moe Dickstein]

New update today for backers.They are going to replace (for backers) the coin if it's defective for the first two years for free.Still shipping this summer and we get a preview video of the app next month. Will keep this updated for anyone interested.

 

[Sam Posten]

Nyt notes some areas of caution:http://mobile.nytimes.com/blogs/bits/2013/12/10/be-careful-with-coin/

 

[Moe Dickstein]

That article is just a rehash of old arguments.

 

[Ronald Epstein]

Someone just told me about this today...

http://wocketwallet.com/product/?utm_expid=87261927-0.-IqULZECRFy9LLApvtSUHg.1&gclid=CjwKEAjwpIefBRCuir7wy-f1kCwSJADXBi2aCa6iGJc712uE1x_pDIQltoOunI2p0F8G64gmC99zGxoCahrw_wcB&utm_referrer=http%3A%2F%2Fwww.google.com%2Faclk%3Fsa%3Dl%26ai%3DCSogmpO3hU8Iai6CmA6n7gdAKycW_vwX50MTbtwGVt9mkAQgAEAFQ4Ka1G2DJnvaKtKTYD6ABx8jDzQPIAQGqBCJP0JILy3ZT6YmXJIzVCXquSY5opO2nmCZpc2-vikeJgZKEgAeht7wyiAcBkAcCqAemvhs%26sig%3DAOD64_2yNMNu9CONXg6DdRbvyLPah4WtnA%26rct%3Dj%26q%3D%26ved%3D0CB4Q0Qw%26adurl%3Dhttp%3A%2F%2Fwocketwallet.com

Allegedly, as I have been told, it has a replaceable battery.

However, thus far, I have not found confirmation of that.

 

[DaveF]

Nope. As shown in the demo video, it's much too fiddly for a credit card replacement. It shows you have to open your wallet, do multiple taps and scroll on the screen to activate the card of interest, then slide the card out from a hidden pocket. Compare to: open wallet, pull out front card. And the wallet seems bulked and has no room for cash, license, insurance cards, etc. Coin intrigues me. Wocket looks like an eminent failure.

 

[Sam Posten]

"Outcoined Coin before it even ships.... With more vaporware.
http://www.macrumors.com/2014/10/07/plastc-digital-wallet/

 

[DaveF]

Less chat, more splat.

 

[Sam Posten]

Eh?

 

[DaveF]

Looking forward to these companies making something more than press releases so we can if there's really functional hardware. Or is it it all vapor?

 

[Alf S]

I'll pass. Too risky for me.

Plus his part sucks:

Coin is the size of a typical credit card and at this time we were not able to fit a replaceable battery nor recharging components into this form factor. Coin is an electronic device, not a plastic card. We must charge for each device to cover the costs of research and development, manufacturing, and support.

 

[Sam Posten]

Update on the Coin mess and possible contenders in light of Apple Pay:
http://arstechnica.com/business/2014/12/coin-wocket-plastc-the-all-in-one-cards-trying-to-sprint-ahead-of-apple-pay/

 

[DaveF]

I think this entire product category missed its window of opportunity. I'm trying to imagine the user. I think it's the tiny, paranoid fringe of people who are willing to spend money and be early adopters for credit card gadgets, but who don't trust their smartphone or tech companies with security.

 

[Kevin Collins]

Well....


I got my COIN in the mail today.... I ordered it OVER a year ago. This was well before Apple Pay launched and I use Apple Pay more and more now as more merchants accept it. Even my dentist takes Apple Pay! With Apple Pay I am not adding a card to my wallet. Of course now I would rather have PlastC because it has the EMV chip. Come this October liability will be shifted to merchants that don't have a EMV chip reader or financial institutions that don't provide an EMV chip card. Previously financial institutions bore the brunt of credit card swipe terminal fraud. How COIN can weather this is a head scratcher to me.


So, how does this work?


In the box is what appears to be a SQUARE card reader. Plug this into your smartphone (mine is an iPhone 6+) and launch the app. Then simply swipe your cards. I loaded 6 of my 8 maximum cards. Some read in one swipe, others took multiple swipes. After swiping each card you are prompted for the CSV and your billing zip code.


After swiping the cards you sync your app to the card. This is done by pushing the round button on the front of the card. This launches the BT sync on the iPhone and then the iPhone sends all the data to the COIN. There is a little LCD type display on the card and you can push the button after the initial sync to change credit cards.


While I have yet to actually use the card yet, there are some problems out of the gate:


First, there is no friendly name to give to each card. How on earth I am going to remember that my US Bank card ends in 7232 and my Alaska Air ends in 0263 is beyond me -- usability error. What about my work AMEX vs. my CostCo AMEX? Looks like I need to start memorizing the last four digits of my cards. If the COIN iPhone app allowed you to take a picture of the card and then choose what card you wanted to use on the swipe, this wouldn't be an issue. If that feature exists, I haven't found it.


Second, I bought this thing to eliminate the need for me to carry all the credit cards in my wallet. It just dawned on my that I will still need my credit cards to do online orders when I am on the road -- assuming I leave all my CC's at home. Ummm... I buy over 50% of my stuff on the road. \


Third, there is this absolutely STUPID tap code to use when your iPhone is not near or has a lost BT connection with COIN. I set that STUPID tap code up over a year ago when I subscribed... I freaking can't remember that damn TAP code and if I reset it, it resets all the cards I just loaded on the damn card! How is anyone supposed to remember a six sequence tap code? For crying out loud... guess I better have my iPhone with me at all times -- which I always do -- except for the time that I don't and I want to use COIN.


I will try it out tomorrow at work and see if the swipe works on a CC terminal when I eat lunch. Let's see if I can remember if I actually will use the right CC...


When I laid $$$ down for this over a year ago it seemed like a great idea. PlastC now is superior and Apple Pay is becoming more and more popular with merchants accepting it. So much for doing a KickStarter campaign...

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[Ronald Epstein]

Kevin,


Thanks for the photos. Sorry to hear it came short of expectations. Thanks for taking one for the team.


I am intrigued by PLASTC, but like you, I am also getting confident that Apple Pay will be our payment method moving forward.

 

[DaveF]

"First, there is no friendly name to give to each card. How on earth I am going to remember that my US Bank card ends in 7232 and my Alaska Air ends in 0263 is beyond me -- usability error."

That's a complete non-starter. This device is DOA...if it had a chance now that Apple Pay is real becoming entrenched.

Coin needed to be launched five years ago. It can't thrive starting in 2015.

 

[Kevin Collins]

First experience today with COIN. After remember what the last four of the CC that I wanted to use, I gave the card to a restaurant for lunch. I didn't tell them that it was a special card or anything. The waitress came back with the receipt to be filled out. So, it worked flawlessly. I guess I just need to validate that the right CC was charged! I guess I was skeptical that it would actually work or that they would return it to me asking what type of CC this was. I'm sure I am the first person that has used a COIN at this restaurant....

 

[DaveF]

PLASTC: uh huh. Watched the video. Will believe it when I see it.

Same critique: people who spend $155 on credit card gadgets have Apple Pay or Android whatever. And in three years, digital payments will be standard on free-with-contract phones. And no one will pay $100 for a credit card dingus.