At AlwaysCurrent, we’re here for getting information out about new, existing, and soon to be products. We’re early adopters and we want to bring others into that group as well. With every new week, there seems to be a new product or a new fad that gets attention and then goes away. Today, however, there is a little bit of hope in this new product that every tech website appears to be talking about. What is the product?
Its name: Coin.
This may be a little premature but Coin looks worth the purchase in the next few weeks or months. There have been a few reviews, this one by CNN in particular, that haven’t been knocking the new product, but haven’t been endorsing it either. CNN Money brings up major flaws in the way that Coin will work. We want to try and agree and slightly disagree with what was said.
Their three arguments as to where Coin could fall short are:
- It won’t work if your phone is dead: The video points out that you need your phone for two aspects of Coin. The first is getting all of your credit cards into the device. You have to swipe the card and then take its picture to let Coin know which card is which. The next is security. You need your phone’s Bluetooth signal to alert you if you have misplaced your card. Its proximity sensor will not work with a dead phone. This could pose a major problem, but at the same time, people won’t leave the house unless their phone has enough charge to last the evening.
- Major credit cards have yet to back the product: This is the biggest shortcoming so far. No major credit card company has explicitly said that they will allow for Coin to pick up their cards. This most likely has to do with security reasons based on data encryption, but CNN had no quotes or even grumblings from these companies as to why they have yet to put their name on it. So, we’ll leave it at “security risk”.
- Merchants aren’t going to be hand fed how this device works: You heard right. Coin and its people have no intention of telling people what to do when it comes to sliding this card through a machine. It doesn’t look like a standard credit card, so how will they ever know? From this writer’s perspective, it seems pretty self-explanatory on which side to swipe through with. One side has a small screen, the other does not. (Check out the website, it even has a little graphic.)
Overall, this product can go either way. Yes, that is extremely vague and it can sound like we just don’t know, but that’s how everyone is going to be at first. Coin has yet to go to full production and they are still accepting pre-orders. What we can hope is that this product will fill a void that people have been wanting in their wallet. No longer will there be four credit cards and a bank card. Instead, you’ll have one Coin (and yes, that is their tagline).