A lot of people struggle with having too many cards that they are trying to carry around. Coin, a new company that is starting is looking to solve that. They have created a device that will act as all of your credit cards.
It is very easy to load all of your cards onto this device, you simply swipe them into a small scanner that attaches to your phone. Then you can take a picture of the card, so that you will always be able to see which one it is. The coin device will sync from your phone, and your card will be easily accessible.
This is a great example of entrepreneurship because it solves a pain that many people have. It will reduce the amount that people have to carry around, and ultimately make it easier to pay for things. They also are making it more difficult to steal this card because it is attached to the GPS in your phone, and will not work if it is out of range for too long.
For the video they have posted on the web, click below:
http://youtu.be/w9Sx34swEG0
This is a great solution to an annoying problem I think many people face. It also reminds me of the new Disney World bracelets we talked about in class. Similarly it reduces the hassle of having to carry multiple things by connecting everything into one convenient device.
I think this idea is very innovative, but it still worries me. I just don’t know how I feel with all my information being on one device. They say it’s easier to steal information, but what if someone figures out how to crack into it? I just want to see what bugs they fix before I would actually invest in something like that.
I am in love with this idea! It will work so well for business professionals that would carry several cards. The idea is ingenious. It will tell you if you forget it and it wont work if your phone is too far out of range. The fact that you can pick which card you want to use by pressing a button is also really cool!
The amount of credit cards the average adult has today is crazy, and it seems like the last few years people have been looking for ways to solve that problem. Coin sounds like a great way to bring all of these cards into one, and from what it sounds like it is always trying to minimize identity theft. An idea like this seems like it will really take shape in the next 5 years or so.
Like you said, Coin targeted an everyday pain and looked to solve it. With credit card theft becoming easier every day, it also addresses another customer pain – safety. The ease of use and security should make Coin a very profitable company.