Coin gadget

[kilyung]

Has anyone else ordered one yet? I just placed my order. Eliminates the need to carry lots of credit cards. Very cool idea.

https://onlycoin.com/

[ltmgeller]

That's brilliant. That would reduce my wallet size by 50%.

[mjclark32]

Never heard of it until now, pretty awesome. I'll order one now too

[brandrea]

Looks very cool Mike, I'm guessing they'll move toward chip technology soon ... Not a big fan of swipe cards but that's my opinion.

[toph]

Nice idea.. But a disaster waiting to happen. All your cards, and data stored in one place..... Oh then it gets stolen or hacked..... Nice gimmick I agree. But not for me.
Or you lose your phone.. And someone can make a whole new one with all your cards. Wonderful:)

[GradyPhilpott]

I read about this this morning.

http://www.washingtonpost.com/blogs/...llet-must-die/

My doctor was telling last week that I should stop carrying my wallet in my back pocket, reduce its contents, and carry it in my front pocket.

This looks like just the ticket, however, I do have one question.

Let's say that you are paying for lunch and you choose the card with which you choose pay and the waiter hits that same button while swiping it and changes the card to one you don't wish to pay with. What happens then?

The Coin does seem to have several security features, but I'm not sure about that one.

[Soly20]

That looks interesting.

[bayerische]

Wouldn't work over here, all cards now have the mandatory use of the "chip".

[mannyv11]

Originally Posted by toph

Nice idea.. But a disaster waiting to happen. All your cards, and data stored in one place..... Oh then it gets stolen or hacked..... Nice gimmick I agree. But not for me.
Or you lose your phone.. And someone can make a whole new one with all your cards. Wonderful:)

I agree with you... but in all honesty if someone wants your credit card number there are many ways to get it. I like the idea of coin I think it's very cool. But I also don't want to order a product with no firm release date. Also there is an internal battery in the device that can't be changed. It's said to last 2 years and then after the time is up you have to purchase another "coin" device. I'm not a fan of that at all

[cop414]

I'll stick with my Saddleback ID wallet thank you.

[accce]

I ordered 2 lets see how they work. If my wallet gets stolen or lost its the same as loosing this card but my actual cards are still at home. I would like to see a code on it to activate it or a thumb print.

[Sixshooter]

I'm happy with what I have, but that is neat!

[mike@ec]

i ordered 2.. for $50, its cool to have haha

[East Bay Rider]

It's a cool idea. I look forward to hearing how it works. With all the debit cards, credit cards, medical cards, flex spending account card, store rewards cards etc this could become a very handy device.

[walds11]

Very cool idea, but I don't like the idea of paying $50 now and waiting till summer of 2014 for the release.

[Cc1966]

Like to hear how it works out. My GF says that without a picture on her CC, some of the boutiques ask for another card. Hasn't happen to me , however....

[Vincent65]

What we should have is just a PIN number. No cards, no 'coin', no cash, cheques; nothing. Just use/type in a unique number for everything. Maybe link it to national insurance number or something, link it to income, taxes, the whole lot, but make it so that you choose the characters/password. No need to carry anything.

[Starbuck_413]

It worries me that this has wireless connectivity. Whenever something has wireless capabilities (bluetooth, wifi, etc) it's vulnerable...

Also, I'm surprised they didn't address the OPPOSITE situation. Will you be notified if your credit card is ADDED to a Coin? Just seems like a quick and easy way for someone to steal your credit card # and capabilities without you realizing it.

[JasoninDenver]

I will try it.

I have been wondering for years when something like this would come out.

I have multiple personal cards as well as cards for several business entities I have and it is a royal PITA to carry every single one I would need.

[subtona]

Interesting, but not sure about the lose one, lose them all possibility

[OmegaJJH]

I think it probably needs to be 'tweaked' and chip and pin compatibility is a must for it to be released in the UK but what an amazing idea!!!!

I think we've just had a glimpse in to the future.

[Psmith]

Nifty - worth checking out

[subtona]

Originally Posted by OmegaJJH

I think it probably needs to be 'tweaked' and chip and pin compatibility is a must for it to be released in the UK but what an amazing idea!!!!

I think we've just had a glimpse in to the future.

Actually, i think the tweak is probably an app just around the corner?

[Hairdude1]

Wow, really cool. I might need to pick this up

[Kingair]

Originally Posted by bayerische

Wouldn't work over here, all cards now have the mandatory use of the "chip".

Correct

HAGOne Andreas

[Andad]

I'd like to carry one of those in my clip along with my 'chipped' cards just as a 'must have' card.

[Mickyfin]

Interesting concept, but it already exists in phones with NFC.

[wjgoretsky]

In Canada, the use of chip and pin technology has eliminated the use of swipe cards altogether. RFID "pay wave" is the next form of payment already built into cards.

This sounds cool, but would not work in Canada.

[HL65]

I like it...Very cool Mike!! Thanks for sharing....Cheers,

[77T]

Until this new idea reaches critical mass, that is until the majority of card issuing banks modify their card agreements with retail establishments, acceptance at the point-of-sale when a live human must swipe the card will be a weak point.

The reason is COIN can't compel retailers, etc. to accept the "replacement" they offer. The prime reason for a retailer to decline the card is that it's new and not protected under their agreement with AMEX, VISA, MC, etc...

But at unattended POS - like gas stations, self-serve aisles, etc. it should work fine - just like the original card.

The trouble I have is two-fold.
First, they are collecting up front and charging you the fee almost 10 months ahead of delivery.
Second, they have not even met the basic compliance standard here in USA, that is PCI.
See this from the FAQ:

Q. Does Coin satisfy PCI DSS standards for storing and transmitting card data?
A. Coin is in the process of earning a PCI DSS certification.

Q. Does Coin have a PCI PA-DSS validation?
A. The PCI Security Standards Council PA-DSS program addresses payment applications used to accept and process payment for goods and services. A device such as a Coin is seen as similar to a payment card in a consumer’s wallet and the standard does not apply.

That's a showstopper if they can't comply...