A former Ebay upper management, Kanishk Parashar, founded a new company named Coin which is producing a universal credit card. They are being crowd-funded by interested customers who are willing to invest $50 in the development process of the product for a universal credit card post-launch. The product is going to retail for $100.
The idea of creating a universal credit card is brilliant as there’s a need for the product literally everywhere. Yet, there are some problems that Coin could possibly encounter.
Firstly, many people aren’t open to change especially if it’s something that might involve an unforeseen risk involving money. The universal credit card is very efficient but it’s only 2 or 3 cards thinner compared to what people already have. The current credit cards work fine right now so many people would be scared of changing to Coin, especially when the safety of their whole savings is involved.
Secondly, and connected to the first problem is that if they are not able to convince people that it is a hundred percent safe, they will have a hard time selling the product to customers.
With that said, I must say a universal credit card may be the next billion dollar idea that is simply an adaptation of what we already have.
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