Coin Electronic Card Finally Released

Wireless payments methods are being increasingly adopted as services like Apple Pay make it onto worldwide markets. However, there’s more than just NFC features that go straight from phone to the checkout. Physical cards are also coming out, such as Coin, a wireless ‘smart card’ that holds all your payment information.

The Coin is a single piece of technology that allows you to carry all your debit, credit, and loyalty cards. It was recently announced that the device is finally being delivered to the customers that pre-ordered it in late 2013. Coin allows you to combine your debit, credit, and loyalty cards into one card. The card itself is made of plastic similar to your regular credit card, and is also the same size.

Once you get your Coin, it’s not all that difficult to set it up. Using the mobile app, users log in with the same credentials used to order the Coin and set up your account. After setting up the app you’ll be asked to set a six-digit tap code that is completely unique to you.

The Coin uses a combination of short and long taps, like morse code, to ensure the safety of your card. Kanishk Parashar, Coin CEO, says the device connects to your smartphone through a secure bluetooth channel, which is meant to prevent others from being able to use the Coin or transmit information from it without access to the user’s smartphone.

“Coin has built a custom 128-bit encryption layer for bluetooth that secures sensitive information and prevents man-in-the-middle attacks,” said Parashar. “We use secure Bluetooth to implement the Lock-and-Find feature, which provides a real-time validation that you, the owner of Coin, are present at the time of the transaction. If you aren’t there, Coin will lock itself. The owner can then find Coin’s last known location in the mobile app.”

The Coin locks when not in use. When you’re ready to use it, you can tap in your code or do a quick search for your smartphone. The Coin will remain awake for 7 minutes, then automatically lock back.

Beta versions sent out before, the Coins’ released version should be pretty kink free, but it still has its limitations, including motorized dip ATM machines. However, the card is equipped with a system that allows for the Coin team to update and add features to the hardware via over the air, so you can watch for upgrades as the card is used more and more.

Via: Hypebeast

Source: Coin