How many credit, debit, and membership cards do you have in your wallet? Probably more than you care to admit or even remember.
Coin aims to help you consolidate your cards on one device, slimming your wallet and maybe eliminating some back pain. Coin has yet to hit the market, but pre-orders skyrocketed, thanks to a brilliant marketing plan.
The device itself has the dimensions of a credit card. In fact, it’s meant to be inserted into card dip ATMs and swiped just like normal credit, debit, or gift cards. You can store up to eight cards on Coin and toggle through them. You can store as many cards as you want on the password protected mobile app, which is available for iPhone and Android. By syncing your Coin with the app, you can rotate out the cards on your device.
There are several built-in security features. Coin communicates with your phone through a low-energy, encrypted Bluetooth connection. When Coin loses contact with your phone, the service will send you a message. The device will even deactivate after a predetermined amount of time keeping all of your cards safe until you reunite it with your phone.
Coin has a few drawbacks though. If you’re a jet setter, this current iteration does not support EMV, so you will need backup payment methods while traveling outside the US. Also, Coin has a two year battery life, and you can’t recharge it. Once it dies you have to buy a new one (and find your cards in the meantime). Lastly, there is no app for Windows phones and won’t be unless there is sufficient demand.
Just a friendly reminder: No matter how many cards you take out of your wallet, you’re still going to have that debt.