Coin the crowd funded credit card device is now available for preorder! After missing several release dates the public can finally purchase their own Coin.
Don't expect to receive yours right away. If you haven't ordered one yet expect to wait until at least Fall 2015 when new orders ship. The Coin costs $100 by itself with additional charges for shipping.
Although a great idea the Coin does come with some limitations. The initial generation will not make use of the EMV chip technology. In fact it will be several years down the road before the EMV chip can be integrated.
The Coin does not work with merchants that use a Point of Sale Payment system that requires the customer to use their full name. View a current list of popular POS merchants with the name requirement.
The device's battery has a limited charge and will only last for two years. As there is no way to recharge it consumers will need to repurchase one every time the battery runs out of power.
Even with these limitations the Coin looks like a nice convenience item for gadget enthusiasts.
The remainder of this article is dedicated to helping customers setup their device and avoid some of its pitfalls. If you prefer you can read the official guide via Coin.com.
The biggest draw of this product is its ability to lighten your wallet by condensing all your credit, debit, and gift cards into one payment device. Achieving this feat requires the use of a smartphone and the person must carry their phone with them at every purchase.
Follow These Easy Steps for Initial Setup
- Start by downloading and install the app on your phone.
- Proceed by attaching a card reader to your phone and swiping all the cards you want to add.
- Sync your device by pressing and holding the button on it until the word SYNC appears. The device is limited to holding 8 cards at once.
When you are ready to make a transaction simply select which card you want to use by pressing the button until the name of the card appears and continue by swiping it like a regular credit card.
1. Time Inc., (2015) " Coin, the universal credit card, finally ships" Retrieved May 21, 2015.