Coin seems to be a veritable candidate to transform how our wallets (or purses) look. It is veritable not because it is uber-cool, but because it aims to “co-exist”, not destroy other industries. We still need to buy credit cards. And all the new payment technologies (such as QR codes, NFC) have limitations, and Coin does not.
Having said that, I have questions about Coin and the website doesn’t do much to help me.
- It is not clear how bendable the card is. If this card will require that you move the card or the wallet to your front pockets, it is a bit of an inconvenience.
- The website says Coin is “in process” for PCI approvals. Does that mean Coin will have been PCI approved by the time it hits the market?
- Coin says the card last about 2 years by which time the battery would have drained. I certainly don’t like to put my credit card on a charger, but I don’t like to pay $100 for the card every 2 years either. There has got to be something — some solution — which makes the cost of “refreshing” the card negligible
- The credit card toggle on the face of the card is a simple button which seems to be easily changeable. For example, you could toggle it to your corporate card, but the waiter could easily (not necessarily intentionally), change it to your ATM card or another card.
- A card that is supposed to replace all your others, should at least have your name printed on the front. You could argue this is a security issue — and I kinda agree. But there are people who may walk away from this, owing to lack of that feature.
Other than that, I am actually looking forward to my Coin