If you've ever dreamed of having one credit card for all purposes, then your dream is about to come true. A new card called The Coin is scheduled to launch in the summer of 2014 with the intention of digitally consolidating credit and debit cards into one. While this might sound like an overly challenging technical feat, the promises being made by this company might put skepticism to rest in the immediate term.
The ability to have one card that reads all of your credit and debit cards is one that automatically brings an appeal. But how does this technology work? With some likely concerns and questions, will we see this become the next big invention in the coming year?
How The Coin Reportedly Works
Based on their description, you can upload all your cards into The Coin card via plugging into the headphone jack on your cell phone. Once your cards are loaded, you can set which card you want to use on a small display located in the upper right of the card's vertical side. The display shows the name of the card you're using, the last four digits and the expiration date. This assures you have the right card for the purchase you're making.
When giving The Coin to a retail clerk or a waitress in a restaurant, the card is simply swiped like any other card. However, the website promises another impressive feature that might remove any trepidation for now. You can get alerts on your cell phone if The Coin turns up missing. It's a good security measure, even if you might panic that all of your cards can be accessed on The Coin.
The Likely Concerns Down the Road
A lot of questions are inevitably going to be asked about The Coin to address concerns not made clear yet. The biggest one will perhaps be wireless security and whether hackers can get into The Coin to access card information. It's possible many won't even think about that when the convenience of carrying just one card is a real space saver. Regardless, users will eventually want to know what kind of encryption it uses.
There's also the question of how easy it is to accidentally change the card you want to use. A clerk might inadvertently press the button on The Coin that allows selection of a particular card. If this happens, the wrong card could suddenly be used and create problems if that other card is over its limit.
Despite these concerns needing addressing later, the real question is whether the public will gravitate to this technology.
Convenience May Win Out
With many people frustrated having to carry multiple credit cards in their wallets, The Coin may be the real answer to making life easier. While some will prefer keeping all their tangible cards together, it's easy to see The Coin becoming a trendy bestseller. The promotional videos on their website are done in a very convincing way the card is easy to use without any complications.
It's such a good idea that copycats from bigger companies are going to be inevitable, perhaps at a cheaper price. The Coin, however, may break the mold for more refined editions of the same technology down the road.
In the realm of shopping, The Coin could be a popular tool for 2014's holiday shopping season. And remember support your local businesses and be sure to nominate them at any time of the year at Consumers' Choice Award