Through some rummaging I stumbled across Colin Lam’s blog post about Coin, a proposed electronic credit card which stores all of your credit cards seamlessly into one card. With the goals of convenience, simplicity, and affordability, the credit card seems to be on the right track. However, underneath the flashy exterior of Coin lie some major flaws that could definitely be detrimental towards the card’s success.
Coin’s futuristic design
Although the electronic credit card looks all functional and practical, the truth is that Coin provides a solution to a problem that is outdated. Coin runs on magnetic swipe technology, which is currently only accepted in the United States. Countries such as Canada and Europe have already moved on to chip and pin technology, which effectively makes the magnetically-striped card useless in these areas. Worst of all, demand is already leaning towards Pin and Chip in the States, which would only spell bad-news for Coin.
Secondly, Coin neglects the major issue when dealing with magnetically striped cards; security and fraud. How will retailers react when they are approached with a third-party card with no identification on it? Think of the headache of trying to prove that you are actually paying with your own card. It surely doesn’t sound too convenient to have it rejected every time you try to make a purchase.
Resources:
https://blogs.ubc.ca/colinlam/2013/11/16/cash-in-on-coin-a-new-credit-card-replacement/
http://www.theverge.com/2013/11/14/5103820/coin-electronic-card-to-hold-all-your-credit-cards
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