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The Coin


Coin is a new little bit of tech that promises to make life a bit easier. When new tech comes around it ether solves a problem or makes something faster/easier. 

Coin solves a problem as well as making something easier. It's all about stopping you from having to carry all of your bank cards around with you and having one payment method.

“Coin is a secure, connected device that can hold and behave like the cards you already carry. A single Coin can help lighten your wallet by consolidating your debit cards, credit cards, gift cards, loyalty cards, and membership cards. Multiple accounts and information - all in one place.”


Is this a product that you would consider purchasing? Currently, Coin is selling at $124 (around £90).

So let's analyse: All that Coin achieves is making your wallet/purse smaller or not needing one at all. If you are someone that prefers to handle cash, then perhaps it's not for you. For card users, with a number of cards, Coin offers a solution. However, what if the place you want to purchase from doesn't accept Coin as payment? Is it secure? How is it better than other contactless payment methods? There are a number of questions you would have before using Coin.
 
Coin 2.0 is the latest version and the Beta version was released to pre-order purchasers. It's had its fair share of bad press. The Beta version of the Coin often failed according to some users, with some saying it only worked about 20% of the time. That sounds like a product that just doesn’t work, but on the other hand some users had a great time with it and rarely had a failure. For this product to be worth it, it can’t ever fail. If it fails you would need to have your physical card on you to pay instead of the Coin, defeating the objective of the product. When it comes to innovative ideas about payment methods or money, people want to be certain it is safe, secure and reliable.

Contactless cards are becoming more common and that is just a quicker way to pay for things, so is Coin just another “contactless” idea? You can also compare Coin to other services, even one of the FAQs on their website is “How does Coin compare to Apple Pay?”. To which their answer is:

“Coin is currently compatible at millions of locations - not just at specific enabled locations, like Apple Pay. Coin can be swiped like a regular credit card at gas stations, ATMs, restaurants, to your favourite local stores. Coin is a standalone device and can be used independent of your mobile device. 

Think of your mobile device as a companion to your Coin. Coin works on both iOS and Android devices.“
 
Having easier ways to pay for things seems to be the way things are going and that’s great but is it worth paying $124 to save several seconds every time you pay for something?

What do you think?