The Coin electronic credit card is going to change personal finance forever. Coin is a device that is appropriately the size of a credit card. Ultra thin, it stores credit card, gift card and any other retail card information. Coin attaches to the bottom of a smart phone on which the Coin app has been installed. You swipe each card and take a picture of specific info on the front of each card. The card is now stored on the app utilizing 128 bit encryption.
Once your cards have been synched with Coin, Coin can be used without the app or a smart phone. Working just like a credit card, you produce Coin for payment. Except instead of the physical card, you cycle through Coin and select the one you want to make the payment with. The Bluetooth connects the Coin to an iOS device along with a standard credit card reader.
If anyone is wondering if Coin could peak public interest, the manufacturer’s pre-order campaign planned for an opening $50,000. They reached that total and blew past it 40 minutes into sales. Retailing for $100, it’s not too late to reserve a Coin at half the price if you offer an early pledge. You can also get a $5 discount for any referral that results in a sale.
With the first units planned for shipping in summer 2014, the electronic credit card’s ability to consolidate our plastic and lighten what we carry is going to change lifestyles in the same manner that the ATM has.