The Coin has gotten more hype this winter than a Kanye West concert. Billed as the next great “thing” to make our shopping lives easier, obviating the need to carry cash or multiple cards ever again. Sounds good so far right? It’s the reason sites like Amazon, iTunes and apps like Lyft and GrubHub are so damn popular. Americans need more time to work and get things done. We don’t want to make phone calls to order stuff or carry cash everywhere we go.
Enter “Coin” a digital wallet that works via bluetooth and allows you to combine credit cards, debit cards all into one. Never whip out your plastic again. Hmm…kind of like Google Wallet right? I think Google Wallet was too soon. However, technology isn’t just about timing it’s also about consumer acceptance. In this case it sounds right for both.
However as I investigate a little further I found out some pretty major interesting facts. The Coin is mirred with all kinds of things that would make me save my 100 bucks ( it is currently on sale for 55)
#1 There are none in existence yet. They’re raising money to go into production. *Sounds good if you’re a business, bad news if you’re a consumer for all the obvious reasons.
#2 The card is not rechargeable and should order a new one when it runs out of juice. They claim it lasts 2 years. *That’s 50 bucks a year to use it.
#3 The company claims no liability if you’re information is hacked or stolen. *MasterCard and Visa currently protect me against fraud why would I give that up ?
#4 If Coin doesn’t work the way they say it does then you’re SOL. *They make no guarantees with this bad boy and say any problems with it they’ll fix in future iterations.
#5 You’ll have a pretty tough time using it internationally especially in Europe *All those merchants in European countries with chip and pin will just stare at you when you present this thing with no Visa, Amex, or MasterCard logo.
Now, how excited are you to get that ‘Coin” for yourself?