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Coin: A Bluetooth Device To Replace Credit Cards (Watch Video)

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By Merlyn D'costa | September 5, 2014 3:45 PM EST

Soon real money will be replaced by digital currency. A San Francisco based company Shift Payments have come up with an innovative device called Coin. This device allow customers to make payments.

Reuters
MasterCard and VISA credit cards are seen in this illustrative photograph taken in Hong Kong December 8, 2010.REUTERS/Bobby Yip

Coin, is a Bluetooth enabled piece of plastic that can be used in place of the card. It can store up to eight different accounts. It gives the freedom of going without a card and takes away fears of losing or someone misusing it.

Coin was available to about 1000 beta testers. Around 20,000 units were pre-ordered in just 5 hours when the company had organised a fund raising campaign. To make the card foolproof the company will expand its beta program to 10,000 people. Any of the pre-ordered customers could be called to test it if they like.

On Aug. 28, an iOS version will be launched followed by an Android version on Sept. 25. 
The Coin not only stores eight accounts but unlimited cards like the debit card, gift cards, loyalty cards and membership cards. This gives freedom to the users.

The device comes with a UI that allows the user to swap between cards. It looks like a square reader with a swipe slot. Most will fear the battery life but the company claims that the device can last for two years without charging.

CEO Kanishk Parashar said that an upgrade plan is in place by the time the first generation of the device needs a refresh.

Since the device holds important cards the security features has an alarm that tracks the number of times the cards are swiped. A single card of the user's choice can be locked when using it anywhere. The Bluetooth feature allows the device to be paired with the phone and if the user walks away without the Coin an alert will be sent immediately to the phone.

The customers who pre-ordered the device will be called in to beta test the product. It's at the discretion of the customer whether to accept the offer or not or wait for the first generation model that will be released next year. The retail price of the product is $ 100.

Beta testers will be given 50 per cent discount on all Coin products for three years.

                                                                                                    Source: YouTube/ Coin

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(Photo: Reuters / )
MasterCard and VISA credit cards are seen in this illustrative photograph taken in Hong Kong December 8, 2010.REUTERS/Bobby Yip
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