Coin Launches the First Universal Smart Card

Ever find yourself juggling dozens of credit cards, gift cards, rewards cards and more? With Coin, you may need to downsize your wallet.

This neat credit-card sized gadget solves the problem of too much plastic by storing all your information in one place. Users simply toggle between the uploaded cards to select the payment type they want to use.

The new digital credit card was launched in November 2013 but is still in the development stage. It was primarily developed for the U.S. market, which does not have the EMV chip and pin system, but the card is expected to be adapted to include EMV capability. Full roll-out of the card with a range of additional features is scheduled for summer 2014.

Coin is loaded using an app on your smartphone along with a small card reader which is provided with each Coin order. Swipe your card using the reader then use the app to photograph the details on the front and back of the card before manually entering the details. This ensures that only the actual cardholder can load cards onto Coin.

Coin is connected to your phone by Bluetooth. If you accidentally leave your Coin behind your phone will receive an alert. If Coin remains disconnected, it then locks automatically as a security precaution.

The initial post-launch feedback surprised the company and has certainly been a learning experience for them. "One of the things we wanted from our launch was feedback ... but we didn't expect so much," said CEO and Founder, Kanish Parashar.

Security Concerns over the New Coin

Parashar reassured potential users that the Coin app is password protected and all the stored information is encrypted. Further security measures mean that the app will only allow users to add cards that they personally own. When making a payment, users select the card that they wish to make the payment from out of all the options on the app. The device will then lock onto the card details selected so that shop assistants and restaurant staff cannot accidentally switch the payment method during the transaction.

Future fixes include adding a button so that the Coin card can be reactivated even if the phone is dead, allowing users to tap in the necessary information manually. Coin will also have a feature showing how many times the card has been swiped, to avoid potential card skimming or duplicate charges being made.

Skeptics cite that you could be stuck without any means of payment if you leave your phone behind or if the battery is dead. There is also concern that Coin users are entrusting all their most sensitive payment information to a single server which has yet to be proven secure.

Coin will initially cost $100 for the card and reader. With an internal battery life of around two years and currently no provision for a replacement battery, it is likely to be an ongoing expense.

It remains to be seen how practical Coin is in everyday use, but most people can only see the benefits of having one secure universal card for all their financial transactions.


Photo: Universal Smart Card  - Coin