Coin bids to replace cards with a payment card-sized device

Monday 18 November 2013 10:57 CET | News

US-based start-up Coin has developed a new payment card-sized device which can store all the details of users credit, debit, gift and membership cards within its memory and be used in their place.

The Coin device includes a battery which lasts for two years and a dynamic magnetic strip that can be changed to mimic any of the cards in its memory. Users scroll through the options by pressing a button, with the details of each card shown on a small screen.

Once a card has been selected, it can be used as normal to make payments at the point of sale and for ATM withdrawals. To add cards, users download an application to their Android or iOS devices and attach an accompanying dongle through which they swipe the cards. The card data is then automatically uploaded to Coin via Bluetooth Low Energy (BLE). BLE is also used to alert a user, through the application, if they stray too far from their Coin.

Designed for the US market, the device does not support chip and PIN.

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Keywords: Coin, cards, US, payment card
Categories: Payments & Commerce
Countries: World
This article is part of category

Payments & Commerce