In response to Colin’s blog post, I analyzed the strengths and weaknesses of Coin.
Strengths:
A Coin will appeal to most citizens. Most citizens today own a credit or debit card therefore using a Coin will feel natural and familiar to them. As well, the fact that a Coin can be used in most stores (most stores accept credit or debit cards) puts them at advantage against mobile payment apps, their competition. Although mobile payment apps are gaining popularity, most stores have yet to adopt this payment method.
Weaknesses:
A Coin is pretty expensive. Mobile payment apps such as Google Wallet are free, whereas a Coin costs $55 if pre-ordered. The regular price of coin will be $100. Not only that, a Coin will eventually need to be replaced whereas mobile payment apps do not need to be replaced unless a consumer loses their phone
Nonetheless, the company has found success as they reached their crowd funding goal of $50 000 last Thursday. It will interesting to see how the competition will respond and how long Coin’s success will last.
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