Coin is a new device that can hold and behave like all the credit, debit, and reward cards in your wallet. If you read SuperMoney, you probably like to make the most of your credit and reward cards by always using the payment method that provides the most benefits. This requires carrying a bunch of credit and loyalty cards, but nobody likes a bulky wallet.
Coin lightens your wallet by consolidating all your debit, credit, loyalty and membership cards in one convenient device. Coin works with an app on your smartphone but can be used as a standalone device if necessary.
How Does Coin Work?
Coin is an electronic device with a magnetic strip, Bluetooth signal, and EMV (chip) that can mimic all the credit, debit, loyalty cards, and EMV-NFC payment methods in your wallet. Once you have loaded the cards you use on to your Coin device, you can use it as a regular credit cards.
- The first step is to switch your Coin device on and enter your Tap Code to unlock it.
- Coin will automatically display the last card you used. If you want to use a different card, press the button to cycle through your cards until you find the one you want.
- Use Coin as a regular credit card wherever magnetic stripes are accepted. Coin is NFC enabled so you can use it at any point of sale that accepts Tap-to-Pay payments.
How Much Does Coin Cost?
Coin 2.0, which includes EMV-NFC capability has a retail price of $124 (now $99).
Is Coin Safe?
Yes. Coin uses bank-level encryption on both the device and the smartphone app. That is not to say criminals can't skim it or hack it, but it is as safe as using PayPal, your regular credit card, bank account, or smartphone payment app.
How Is Coin Better Than Other Payment Methods?
There aren't many products you can compare Coin with. It's a new product that was funded by crowdsourcing. Buyers pre-ordered the cards to finance its development. The two benefits of Coin are convenience and security. You need a code to unlock Coin and you can block its use through its app if you lose it. and neat looking gadget you will want to have when you see it. If you're an early adopter, and value carrying a minimalist wallet, the cool factor of Coin will win you over. However, it is expensive for a device that only slims your wallet by a few credit cards.
The two benefits of Coin are convenience and security. Being able to carry numerous credit cards in a single device you can swipe, chip, or use as an NFC is convenient and downright cool. Also, Coin automatically locks itself every time you use it. You need a code to unlock Coin and you can block its use through the app if you lose it, which provides an extra layer of security.
Coin is a neat looking gadget you will want to have when you see it. If you're an early adopter, and value carrying a minimalist wallet, the cool factor of Coin will win you over. However, it is expensive for a device that only slims your wallet by a few credit cards. So average consumers may struggle to justify the price tag.