COIN

  About 18 months ago, I paid $50 to join a crowd source funding for a new product called “COIN”. COIN is supposed to be a credit card replacement that could dynamically change the data on the credit card magnetic stripe. One would be able to store a total of 8 different credit cards on the device. The idea is/was to reduce one’s credit card bloat in your wallet.

It seemed like a good idea to me. I typically have about 6-7 credit cards including ATM cards, credit cards and the like. The developer was promising delivery during the summer of 2014. I guess the early beta didn’t go as well as they hoped. So last summer they scheduled a second expanded beta with expanded beta units going to those who signed on early in the funding process.

Everyone else would have to wait until full production ramped up this summer. Those who didn’t want to wait could get a refund. So a couple of weeks ago I finally received my unit. Better late than never.

Here’s how it works, You need to install the COIN app on your smart phone (in my case an iPhone 6 plus). The COIN comes with a plug in credit card reader. First you have to pair your phone with the COIN. The COIN uses Blue-Tooth to communicate with the app.

One loads the credit cards into the app by swiping the card on the card reader. Then the app prompts you to add the security code on the back of the card. Once you are finished loading credit cards onto the app you then sync the credit cards with the COIN, So far so good. Works as advertised.

The COIN is the exact same size as a credit card. It has a small display that shows the card type (AMEX, Visa, etc) and last four digits of the card number. You can load credit/debit cards, gift cards and some id cards that have a magnetic stripe (though I can’t see how much use that would be.) There is button that you press to wake up the card and select the card that one wants to use.

Supposedly the COIN is compatible with most credit card readers and ATM’s. Here is where the rubber hits the road (or not). I haven’t tried it on any ATM’s yet. I don’t need to go to ATM’s very much. I usually get cash back while I am at the supermarket.

I have tried to use the device about a half dozen time. This is certainly a very limited sample size to be sure. I have attempted and been rejected at two different restaurants. I have successfully used it at a grocery store and the Starbucks at the grocery store.

It does have some neat security features though. The COIN won’t work if you lose connection to your phone. And the app will warn you that your COIN has gone away. It shuts off after about seven minutes and you will need a pass code to turn it back on or be paired with your phone.

So I wouldn’t use at it the regular Starbucks. They have an iPhone App for that and it works quite well.

Much of my shopping is done online and this device is of no use for that type of shopping.

My end goal is to have Apple-Pay become more widely accepted. Then I could ditch the credit cards all together. As it stands right now, I have only seen Apple-Pay in use at one merchant establishment (Panera Restaurant).

If you are interested in learning more about the device from the developer’s web site, Go to onlycoin.com. As for me, I’m not quite ready to leave my credit cards at home (at least not yet.) The support pages has a list of merchants that accept COIN and a list that have been reported as rejecting it.

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