As hard as I try to minimize the number of cards I lug around in my wallet the number continues to grow. Yes I have an app for loyalty cards which I regularly use, but to date I have not been aware of a way to minimize the clutter while keeping the flexibility of multiple cards.
Well now, as of today, there is Coin. One card to replace them all. This Y-Combinator / K9 Ventures backed startup has created an incredibly practical solution to address this challenge. Coin can store all of your swipe-able cards in a single card. The device is approximately the size of an ordinary credit card – but it allows you to use any card, anywhere. And yes you can swipe it.
The Bluetooth Low Energy (BLE) connected Coin is launching a self-crowdfunding campaign to finance production of its first batch of cards. The goal is to raise $50,000 for the project. Coin will be manufactured in the California, which follows a growing trend for tech products keeping their supply chain in the United States.
Coin is a secure device powered by a 128-bit encryption for all storage and communication with its easy-to-use consumer app. Once you receive your Coin card, along with a card-swipe dongle, you to upload all your cards onto the mobile app, which then automatically stores them onto your personal Coin card. Once you have set up your Coin, you no longer need the accompanied dongle or your iOS or Android device to be near for Coin to function, unless you want to manage, add or delete existing cards.
There is a small digital display on the card that allows you to select any single card. Once selected it is ready to swipe at any card machine. Also if you happen to leave your Coin behind (we all have encountered this issue at one time or another), it can alert you via the accompanied mobile app on your smartphone. If the coin is lost it will disable itself – so no need to frantically call all of your credit card providers canceling them all in a panic.
Each Coin lasts for 2 years with the existing battery and users are notified when it is time to replace the device. Reportedly it is shock and water-resistant and will not demagnetize if left near other cards or magnets.
Coin CEO and founder Kanishk Parashar, who previously has worked at Ebay, PayPal, Yahoo and Oracle, has been working on Coin in stealth mode for the past two years. He previously worked on another startup which used Geofencing to allow peer to peer payments but encountered a challenge in generating critical mass to make the product work. Out of this previous startup the concept for Coin was born. Kanishk indicates there have been some previous attempts in this space but as of today no-one has managed to create an elegant device like Coin to capture the market.
Coin is expected to retail for $100 but crowdfunding backers can enjoy discount pricing starting at $50 (limited availability) with the first batch shipping Summer 2014. The team at Coin has already created their iOS app and expect an Android version in the near future.
Kanishk recently shared their goal with Coin,
“Our main focus is on delivery. We are completely focused on this. We want to build incredible products.”
It appears with Coin they may have accomplished their goal of creating something incredibly simple, elegant and practical to use, finally replacing the herd of cards in your wallet today.
Coin hit their funding goal of raising $50,o00 in forty minutes of launching their campaign. Stretch goals are certain to follow.
Have a crowdfunding offering you'd like to share? Submit an offering for consideration using our Submit a Tip form and we may share it on our site!