In the past, not many people would have thought that you could now tap your phone at the scanner of your supermarket in order to pay for groceries. Technology has come very far in an attempt to make everyday life more convenient and entrepreneur, Kanishk Parashar, wants to change how you pay for purchases again with Coin.
My friend, Colin Lam, believes that even though there are concerns, Coin will still be a success. I have to disagree with his opinion. It is an ambitious idea, to combine all your credit cards into one that syncs with your smartphone, but I ultimately believe there are several kinks in security and compatibility that need to be worked out. If I were an owner of Coin, my primary concern would be fraud. After all, because Coin transmits its information via Bluetooth, there is a possibility of thieves stealing that data without you knowing it. And because of this risk, as Visa or Mastercard, I would be less inclined to offer any protection to the consumer if they are a victim of fraud because there is no physical registration of the card during the time of transaction. Lastly, if I were completely reliant on Coin as a payment source and my smartphone ran out of battery (a common occurrence), I would essentially be left with no ability to pay for items. Coin has a great concept, but until it works out these (along with other) issues, I cannot see it being widely-used.
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