Sam Oliver
The makers of Coin — a Bluetooth-enabled "connected card" designed to allow users to store magnetic stripe information for multiple credit and debit cards on a single device — on Friday announced that they would delay a full launch until next year, but would begin sending out 10,000 "beta" units to pre-order customers sooner.
Coin's executives cited manufacturing issues when explaining the delay, according to CNET. The device, announced last November, had been slated to ship this summer.
At least 1,000 customers have already been issued preproduction Coin units, and the company will now expand that to at least 10,000 in lieu of a full launch. Backers should receive emails allowing them to claim their beta device in the next few days.
Coin works by loading card information using a companion smartphone application and dongle which connects to the Coin via Bluetooth. Each Coin can store up to eight cards at a time in its onboard memory, and pressing a small button switches between cards and displays the currently-selected card an embedded e-ink screen.
The device drew equal parts applause and skepticism when it was announced. The possibilities for increase convenience are apparent, but many pointed out possible security implications — including the possible financial harm thieves could do to a person by swiping a single Coin, rather than being forced to try for a full wallet.
Additionally, others panned Coin for the lack of support for the emerging chip-and-signature standard that has begun to expand among U.S. card issuers. Coin CEO Kanishk Parashar said that the company has yet to begin exploring the addition of a chip, and is instead focused on launching its first version.
"What we'll do is that once we get through this first shipment of Coins, we'll be able to have enough resources to do an R&D project," he told CNET.
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26 Comments
It's worth noting that the beta version will have limited functionality. Those who opt for a beta unit will be given a discount on the full version when it is released.
Looks like it's done incredibly cheap, look at that 1985 Timex watch display. And what are the dimensions? Because if it is bigger, thicker, and heavier than having credit cards in your wallet, what's the point? iPhone is going to wipe this off the map.
Remember, it's $100 for each COIN and the battery lasts for 2 years. So, just work $50/yr into your budget for this convenience.
I wish these people would wait until they have an actual product or service.
Getting Googled (? overpromised + underdelivered) by tech seems to be the new norm.
Looks like it's done incredibly cheap, look at that 1985 Timex watch display. And what are the dimensions? Because if it is bigger, thicker, and heavier than having credit cards in your wallet, what's the point?
iPhone is going to wipe this off the map.
I have a Coin coming my way and got each for $50. It's the dimensions of a credit card because it replaces all of the credit cards with one. The display is low-power LED and really is just used for indicating status and which card is active so it doesn't need to be fancy. It connects via Bluetooth LE to your phone for adding cards and managing it. Theres also a lot of built in security features like if you leave it on the table, it will warn you on your phone, etc.
I'm excited to try it out for sure and am signing up for beta!
Even if iPhone 6 comes with NFC or iBeacon wallet (still unknown), it's NOT going to replace the Coin. Why? Because every place on earth still uses card swipes. Also, are you going to hand your phone to a waitress to pay for your order? I think the iPhone is going to be shooting to reinvent purchasing, but Coin is good for backwards compatible credit card swipes.