Coin, a card for all your bank cards

Discussion in 'iPhone Apps and Games' started by chris, Nov 14, 2013.

  1. chris

    chris Administrator
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    This is interesting. It's a single card that allows you to add all of your credit cards using an app on your iPhone. You then use the Coin card to pay using traditional swipe and pay methods. It costs $100, $50 for early adopters, so it is not cheap.



    I wonder how it handles the three numbers on the back that some merchants require?
     
  2. Docd

    Docd Contributor
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    Pretty cool but I can see a lot of plus and minuses. It would keep someone from writing down your card number and things like that. But if you loose it you loose all your cards. Also lots of merchants you have to had them your card so they can type in the last 4 numbers and check the name matches your ID.


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    #2 Docd, Nov 15, 2013
    Last edited by a moderator: Dec 13, 2013
  3. rom x

    rom x Zealot
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    thank's but no thanks nfc seem to work good enough for me. plus i don't have to carry something extra in my pocket just my phone
     
  4. chris

    chris Administrator
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    NFC has taken off here in the US. The only retailer I know that supports it was Duane Reade. Maybe Walgreens too, but never used it there.

    I have 5 cards in my wallet. To condense to one would be nice.
     
  5. Se7en.8

    Se7en.8 New Member

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    This product has great potential. I was almost sold until security was brought up. I like how the topic of security in the video was brushed over with a simple geofencing that when once left by the cardholder automatically sends a beep to your iPhone. I would not necessarily call that security; I would call that a gimmick. The truth is, it seems to me that they either couldn't solve the security loophole or they just didn't care. It has great potential though I'll give them that.


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  6. jmp316

    jmp316 Evangelist
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    http://www.kickstarter.com/projects/loop/pay-with-loop

    This is better IMO, but they need to make the case smaller. All in due time I guess.

    I agree NFC hasn't taken off well in the US because it's a big upgrade cost to merchants, especially small mom and pop stores. Start ups are smart to integrate new technology into hardware that most merchants already own.
     
    #6 jmp316, Nov 15, 2013
    Last edited: Nov 15, 2013
  7. Se7en.8

    Se7en.8 New Member

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    I would just like to add that maybe in the video he meant that the card doesn't work without the iPhone in range.


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  8. chris

    chris Administrator
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    The trouble with NFC and the Loop is that it requires your phone be near the transaction terminal. What's the solution when you have to pay at a restaurant? I'm not comfortable handing my iPhone to a restaurant employee.
     
  9. jmp316

    jmp316 Evangelist
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    Good point.
     
  10. Europa

    Europa Moderator
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    I'm surprised they don't have portable NFC machines they can bring to the tables. I guess demand and usage isn't high enough to drive advancing to that.
     
  11. jmp316

    jmp316 Evangelist
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    Yep, that's what the Loop guys were saying. Retailers don't want to spend money on hardware that is not universal and widely utilized. On the flip side, I've seen many new small businessses in my area ditch a cash register in favor of an iPad with a credit card swipe accessory. No restaurants though.
     
  12. aknightstale41

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    #12 aknightstale41, Nov 17, 2013
    Last edited by a moderator: Dec 13, 2013
  13. aknightstale41

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    This is a great idea to store all your cards in one card, but it needs to be more secure in case its lost. If they implement fingerprint recognition, then I'm sure it would sell like crazy.
     
  14. Mrallank59

    Mrallank59 Contributor
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    This card is a bad idea. If your card is lost or stolen they offer no help. I'm not paying a 100 bucks a year for a thin wallet
     
  15. chris

    chris Administrator
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    My biggest issue with Coin is that it's not a lifetime card. You have to replace it, which means another big fee.
     
  16. ZR_Yancy

    ZR_Yancy Genius
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    I'm a backer and pre ordered 2. Here are some info regarding security concerns.

    What’s the difference between 'auto-lock' and 'auto-deactivate'?
    The auto-lock feature will disable card selection on your Coin, effectively 'locking in' your card choice. Auto-deactivate is designed to completely shut down your Coin rendering it unusable until you take action.

    How does the 'auto-lock' feature work?
    The purpose of the auto-lock feature is to allow a Coin to remain swipeable once you have selected a card, but to prevent someone else from either accidentally or intentionally changing the card that is selected. If enabled, as soon as your Coin leaves your phone’s side, the feature will automatically trigger. Once your Coin and your phone are nearby one and other again, the button on the device will be re-enabled so that you can select a card.

    How does the 'auto-deactivate' feature work?
    The purpose of the auto-deactivate feature is to render your Coin useless in the event that it is lost or stolen. If your Coin is out of contact with your phone for a period of time that you configure in the Coin mobile app, it will automatically deactivate itself. When a Coin is deactivated, you will not be able to select which card to use nor swipe any of the cards stored on the device.

    If your Coin becomes deactivated due to your phone dying or being in airplane mode, there will be a way to unlock it temporarily. We will allow you to configure a sequence of button presses (a.k.a. a 'morse-code-like' passcode). If you correctly enter this button press sequence your Coin will be fully functional for a few minutes before it deactivates again.

    Once your phone and your Coin re-establish contact, your Coin can regain full functionality.
     
  17. TudorJ

    TudorJ New Member

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    Not much use in the UK. All our cards have a chip on them and need to be put into a chip and pin reader.
     

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