E-Credit Card ‘Coin’ Hits Pre-Order Goal In Under An Hour |

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E-Credit Card ‘Coin’ Hits Pre-Order Goal In Under An Hour

19 November 2013

Something interesting is happening in the realm of commerce: consumers are jumping at the opportunity to acquire an electronic credit card that could replace all plastic cards with one device. Coin is the name of one of the first electronic credit cards to be made available to the public through a pre-order campaign—and they were shocked when they maxed out their pre-orders at a value of $50,000 in just 40 minutes.

What Is It?

Coin is the same size as any of your other credit cards, but instead of carrying 5 or so cards at once, you only need the one. You can store any credit card or gift card within the slim and compact Coin card and never have to worry about a bulky wallet again. It’s small, it’s convenient and it might just gain massive popularity soon after it ships next summer.

How Does It Work?

It’s also simple to use. First you select a payment type using the button and then swipe it like a normal card. Coin can hold up to eight separate cards at a time and you can select and edit which cards its holds using the Bluetooth connection to your iOS device.

Who Is The Creator?

The developer by Coin is Kanishk Parashar, an engineer who has attempted to break into the startup world before, but without much luck. His company is support by Y-Combinator and has received funding from notable investor Manu Kumar, who also resides on Coin’s board of directors.

Are There Competitors?

There are a few similar devices in competition with Coin and it will interesting to see which of these the market prefers once they are more widely available. One of the bigger names is a company called Flint, which you can learn more about by clicking here.

You can find out more about Coin here.

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