Credit cards have reduced the amount of cash consumers carry, but the next big thing is to reduce the amount of credit cards one carries. The new card-shaped device called Coin, will eliminate the use for a wallet as it will hold up to 8 credit, debit, and gift cards for consumers convenience.
Coin is a card-shaped device that holds up to 8 credit cards, debit cards, or gift cards. Coin functions like a regular credit, debit, or gift card with a swipe payment method. The difference between Coin and a regular credit card is that Coin can hold many cards. When paying for something you can choose on your Coin card which inputted credit card you want to use. There is a button on the Coin card that lets you choose the correct credit card before payment.
To add more credit, debit, or gift cards to your Coin, you open up the app on your smartphone and attach the Coin swipe device. You then swipe your card with the device attached to the smartphone and take a picture of the card, so you know which one it is. Coin also has a security feature in case you leave it behind after a payment. The coin App has a Bluetooth signal that alerts you when your Coin is not near your location. This new device is set for a summer 2014 launch and will cost around $100. For early adopters that want to preorder the device, the companies will charge around $50.
Other companies have created a mobile wallet, such as ISIS, which is backed by AT&T, Verizon, and T-Mobile. Organizations have begun to realize that wallets are old-fashioned and with the technological advances in society, it would only make sense to virtualize them. A wallet is a simple holder for all our important information from our driver’s license, to credit cards, to cash, if you still carry cash on you. Wallets are often lost or misplaced and consumers want something more convenient and advanced.
Apple tried to start this convenient wallet, with their creation of the Passbook App on all iPhone 5 devices. The Apple Passbook App allows one to keep all their boarding passes, movie tickets, retail coupons, and loyalty cards together conveniently on ones smartphone. The Coin app and other mobile wallet devices will start to become more popular as consumers will want more convenient tools to help with their daily lives.
An article from mashable, “Coin is One Credit Card to Rule Them All”, demonstrates a video of the Coin device as used by a consumer.