In a world where a virtual currency with no physicality at all has rallied at more than USD 700 in the past few days, consumers are looking for digital alternatives to their bulky wallets. Breaking its pre-order target of USD 50,000 in just 40 minutes this week, Coin is also aiming to replace the wallet with a single card that can manage multiple credit accounts, gift cards and loyalty cards, while also alerting owners if it gets lost.
The Coin is the same size as a typical debit or credit card, and comes with a swipe reader that can be connected to any smartphone. Using the companion app, users swipe the debit, credit, pre-paid, store gift card or loyalty scheme membership card to store it on their Coin. The card features a small LCD display and buttons that let users select the card they want to use. This allows them to use a business card for work expenses, for example, or take advantage of bank deals by using the best card for particular types of purchases. Coin can store up to eight cards at a time and works at any store with swipe facilities. It also has a Bluetooth low energy transmitter that pushes notifications to the user’s smartphone if their card is left out of their proximity. The video below offers more information about the startup:
Regular readers of Springwise may remember Ping*, the slim wallet that detects if users’ credit cards have been lost, stolen or simply left at the bar. Coin offers the same functionality, but ditches the wallet altogether, offering both ultra-convenience and security to consumers. Priced at USD 55, Coin seems to be a hit among consumers already, although it’s not being shipped until summer 2014. With digital wallets already becoming a crowded market, what else can startups offer consumers to make payments even easier?