With some powerful marketing, Coin, a dynamic card provider, has captured consumer attention with its magnetic-stripe card that can digitally store accounts from multiple credit and debit cards.
Consumers push a button on the front of the card to switch payment methods. The card is designed to replace the practice of stuffing a leather wallet with multiple payment and loyalty cards, the company says. The battery-powered card, which can be pre-ordered for $50, can hold an unlimited number of payment cards, according to Coin's website.
After the startups crowdfunding campaign to raise $50,000, Coin plans to sell the card to consumers for $100, reports Cnet.com on Nov. 14.
To use Coin, consumers load cards through a mobile app. To load funds, they swipe their existing cards on a mobile reader that plugs into a smartphones headphone jack, similar to the process of making a payment on Squares device. With the Coin app open, consumers also take a picture of the card they just swiped.
Coins technology in some ways resembles cards built by Dynamics, although the latter company is focusing more on designing customized cards for banks. Dynamics launched a game-based rewards system recently, with Key Bank signing on as an early adopter.
Citigroup tested its 2G card, developed by Dynamics, in October 2010. While the bank planned to make the cards available to a broader audience in mid to late 2011, by at the end of 2012 the cards had not left pilot.
One differentiator is Coins embedded Bluetooth Low Energy signal. If consumers leave their Coin card at a retailer, the smartphone app notifies the user.