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Coin 2.0 credit card replacement announced with NFC tap-to-pay, free for existing Coin users

Just after the Coin credit card replacement began shipping to early adopters, the company has announced a new next-generation model with a number of changes, including support for NFC tap-to-pay functionality, available for preorder now, and as a free upgrade for existing users.

The new Coin 2.0 also gives users the ability to give their card a nickname that appears in the app and on the card's e-paper screen. The electronic stripe on the rear of the card is also said to perform better at gas stations and other merchants.

Over-the-air software updates are in the works too, which will bring EMV capabilities and new features. Coin claims this will make the device future-proof, unlike the current model, which could be rejected at numerous merchants once the chip-and-signature switch takes place in the U.S. in October.

The new Coin 2.0 also features a display that loads twice as fast, and it is thinner than the first-generation model by 8 percent.

Existing customers can sign up for a free Coin 2.0 upgrade using the company's mobile app for iOS, via its Settings menu. Existing customers who have not yet received the card may have their order automatically upgraded. New customers who buy today should have their card by the first quarter of 2016.

Coin 2.0 costs $100, plus shipping and tax. Its main feature is NFC functionality — the same technology that drives Apple Pay in the iPhone 6 and Apple Watch.

The company behind Coin 2.0 says it will support chip-and-PIN and chip-and-signature cards via NFC. That suggests the card won't work at chip-and-signature terminals that do not accept NFC.

Coin 2.0 won't feature EMV support out of the box, but the company said it hopes to make the over-the-air update available as soon as possible. In a question-and-answer list on its website, it said it will keep customers informed as it completes partnership agreements with various financial institutions.

AppleInsider has had its hands on the Coin iOS-connected credit card for a few weeks now and the early tests have led to mixed results.

While most merchants work fine with Coin, we did run into a handful of locations where the card was outright rejected. It's unclear if these rejections were due to poor machine readers, the magnetic stripe on the Coin itself, or because of new chip-and-signature terminals that require chip cards.