I agree with Aimie’s post on the new start-up company Coin. Although it is a very intriguing ad lucrative idea, there is much insecurity to the concept. The idea of having all your cards and credit cards in one single card makes it convenient for any businessman out there. However, for any businessman, I presume, security comes first over convenience. Now, only 26 days away from its launch of pre-orders, it is crucial that the company resolves its key issues.

In order for Coin to be a successful product it must be able to work offline and online. For example, as of now, it has been introduced that the coin card is connected via Bluetooth to a smartphone device. However, this is assuming that this smartphone is running. For security reasons, the coin card will lock up once it is disconnected from the phone for more than 10 minutes.

Moreover, there are no guarantees that credit card companies will agree to this idea of “all inclusive card”. There are liability and fraud issues that undermine the whole concept of Coin. Furthermore, currently, American Express cards are denied by merchants, so how will customers know that Coin cards won’t be denied?