A San Francisco based start-up is aiming to rule you pocket by replacing all other credit cards. No, it is not a replacement of your existing credit or debit cards, but rather an add-on for them.
Coin is developing a credit card sized device, that stores information of up-to eight credit, debit, gift or membership card. To define payment by a particular card, you need to tap the circular button on the surface. This device can be swiped as a general credit or debit card.
Company has applied for the patent of its technology. This technology let the device synchronize with your android or apple smart-phone via Bluetooth Low Energy (BLE). Using this card information is shared. Moreover, mobile phone remains in continuous sync with this device. So if you leave it at a pub, your phone will remind you after a certain distance. Moreover, on similar lines, this technology can be used to lock the card if distance is high. It is aimed to reduce the theft danger and reduce the security concerns.
But security concerns are still persistent. Loading all your credit cards information and data on a single device, that too shared via blue-tooth can be a issue concerning many users. Although company is still at development stage and security concerns and the way it tackles these concern will definitely define the company's future.
One year before, another start-up, icache - was supposed to provide a product on similar lines. Although company launched its product also ,but it didn't worked fine and legal suites were enough to play the spil-sporter.
Another issue with coin's technology is that it works on magnetic strip based cards. But now banks all over the U.S. are planning to move to chip based cards. This will not work on as-of-now technology of Coin Inc.
Coin is funded by Y Combinator, K9 ventures and a group of individual investors. It also hopes to raise approximately $50,000 through crowd funding.
We hope coin doesn't move icache's way. Lets hope technology wins and prevails!!!
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