Coin, which is confusingly actually the name of a new credit card, looks set to make the mobile wallet physical.
Mobile wallets have had a hard time gaining much traction in the payments space, largely due to mixed ideas of what they are and varying providers occupying the space. But Coin, a small and intuitive credit card, looks set to bridge this gap.
Named after something so incredibly simple, the coin, Coin allows its users to securely store multiple credit and debit cards on one physical card.
This, just like a mobile wallet, allows Coin users to carry all their major cards in one place, saving space in their wallet.
It works just like a normal card too, with a user merely selecting the card they want to use by tapping the card itself. There’s a handy card readout LCD screen on the device too, so you know which card you’ll be using Coin to pay with.
It’s also incredibly simple to add cards to, requiring you to just scan your card using your phone and then linking it via blu-tooth to your Coin.
It may come as no surprise that this sits in a legally ambiguous place at the moment, especially as it’s essentially card cloning. However, Coin founder Kanishk Parashar believes that it will soon become widely recognised thanks in part to the many security features it currently has.
Seeing as it’s set for release in North America first, with no word on an EMV enabled version coming to Europe, plastic debit and credit cards are most certainly not as secure as Coin.
By tethering with your phone via blu-tooth, if your card goes outside of your range – which is largely your wallet and a couple of arms lengths – your phone alerts you to its disappearance. You’ll also receive similar updates if it’s been skimmed or any other fraudulent activity has occurred. And when scanning cards into the system, you’ll have to have them authenticated to you, so someone can’t just steal someone else’s card, scan it, and leave.
Obviously this doesn’t stop the fraudulent act from happening, but it lets you deal with it far faster.
You can take a look at a video explaining all this wizardry below, but do you think this is really the future of where physical payments could be going?
Is it a viable stop-gap to help more people adopt the mobile wallet?