Coin: Your wallet is about to get a lot lighter - New York News

Coin: Your wallet is about to get a lot lighter

Updated:

By: JJ Feinauer, Deseret News

Coin, an electronics startup based in San Francisco, has just released its first product for purchase: an electronic card that stores and manages up to eight debit, credit and gift cards.

According the FAQ page on its snazzy interactive website, Coin operates by way of a mobile app that compiles all the data of a consumer's various cards and then downloads it onto the Coin card. The card can then be used to buy items at any store that accepts credit or debit (or where your gift cards originate) and will allow the user to make withdrawals at his nearest ATM.

Sound dangerous? A number of news outlets have expressed concerns about the card's safety, such as TechCrunch, which ran a series of questions about the card's security features along with some official answers from Coin.

“Turns out, people not only want to buy more Coins but they want to know more about Coin, too,” Jordan Crook wrote on TechCrunch's website yesterday. “That said, the company is responding to consumer feedback, announcing a number of features that will be available in the first release.”

According to CNNMoney (which ran an article about the card's potential problems last week), Coin has announced new security features. One problem on CNNMoney's list that the company has addressed is tied to an already existing security feature, namely the card's connection to the user's phone.

Because the card is connected to the Coin app on the user's phone, it will stop working and alert the user (through the phone) if the card is too far away from the app-connected phone. According to the card's website, this feature is in place to assure that if the card is lost or stolen it won't work.

But what if your phone dies?

According to CNNMoney, the company has created an upgrade that will allow owners of the card to continue using it by adding a button on which an emergency code can be tapped to restart.

Those aren't the only fixes on the way. CNNMoney also reports that a new feature will alert the owner of how many times the card has been swiped, and a new mode will lock the card during use, so the wrong card can't be accidentally used by a teller or waitress.

According to another TechCrunch report, despite perceived problems, Coin has met its presale goals and continues to receive interest from consumers.

Ellis Hamburger of the technology news and review site The Verge thinks the new card by Coin has the potential for broad appeal, beating out similar consumer convenience devices like Square and Google Wallet.

“It could end up being very useful for everyone from design nerds to moms and dads,” Hamburger wrote, ”because the value it offers is obvious: on the surface, it takes eight pieces of plastic and turns them into one piece of plastic.”

Read more about Coin at the company's official FAQ page.


Original Post

Copyright 2013 Deseret Digital Media, Inc.

  • Local NewsLocal NewsMore>>

  • Connecticut man charged in Yale hoax threat

    Connecticut man charged in Yale hoax threat

    Wednesday, April 23 2014 3:33 PM EDT2014-04-23 19:33:11 GMT
    New Haven police say they have charged a Westbrook with making a hoax call in November to say an armed man was heading to shoot up Yale University.
    Police say they have charged a Connecticut man with making a call in November in which he falsely claimed an armed man was on his way to shoot up Yale University. New Haven police said Wednesday that 50-year-old Jeffrey Jones, of Westbrook, has been charged with falsely reporting an incident, threatening, reckless endangerment, misuse of the emergency 911 system and breach of peace.
  • Camilla's brother dies in New York after head injury

    Camilla's brother dies in New York after head injury

    Wednesday, April 23 2014 3:10 PM EDT2014-04-23 19:10:58 GMT
    The brother of Camilla, Duchess of Cornwall, has died after sustaining a serious head injury following a fall in New York, British royal officials said Wednesday. Clarence House said that the 62-year-old Mark Shand died in the hospital Wednesday after falling late Tuesday.
    The brother of Camilla, Duchess of Cornwall, has died after sustaining a serious head injury following a fall in New York, British royal officials said Wednesday. Clarence House said that the 62-year-old Mark Shand died in the hospital Wednesday after falling late Tuesday.
  • Port Authority could rescind $1 NJ Transit lease

    Port Authority could rescind $1 NJ Transit lease

    Wednesday, April 23 2014 2:57 PM EDT2014-04-23 18:57:07 GMT
    NJ TransitNJ Transit
    The Port Authority of New York and New Jersey is holding its monthly board meeting, two days after it heard from a panel on what it needs to do to improve its accountability and efficiency and restore public trust.
    The Port Authority of New York and New Jersey could rescind a $1-a-year lease for a park-and-ride lot near the Lincoln Tunnel. The agency's chief of real estate and development told a committee Wednesday that it should change a deal made in 2012. Published reports have alleged that former Port Authority chairman David Samson voted to approve the lease even though his law firm did business with New Jersey Transit, which operates the park-and-ride lot.
Powered by WorldNow
Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | Terms of Service | Ad Choices