Users will be able to load their cards onto their smartphone or tablet and straight away swipe the Coin in any conventional reader or ATM machine as if it were the original card itself. Effectively, users will have access to multiple accounts and information all in one place.
Worried about leaving your card behind? The device also has a zone alarm, which means that if you put your card down and it gets too far away from you, your smartphone will let the user know their Coin is out of range. Other security features include encrypted storage and communication of data, as well a configurable setting that automatically deactivates the card if stolen or lost.
Each Coin will cost USD$100 and has a non-rechargeable battery life of two years. The current design uses magnetic strip technology, which unfortunately is being phased out by most Australia banks for security reasons to the chip and pin (EMV) set up. As a consequence, the current model may not actually work in Australia. However, as more and more banks worldwide transfer to the more secure chip and pin security system over the magnetic strip system, Coin has announced future generations of the product will include such technologies.
Whilst Coin will not replace the wallet itself, as it cannot store drivers licenses and other non magnetic strip cards that feature in the average wallet, it does enable the consumer to better spend and manage their money by having it all in the one place.
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