Coin: A Dream Or A Bust?
I recently read an article written by Brandon Hann on his site, fittingly named, Brandon.me about a new product by Coin. Coin plans on eliminating the need to carry around multiple pay cards such as credit and debit cards. Brandon and Coin lay out a compelling argument as to why this product is going to be a success but I’m not buying what they’re selling. Here’s a short video by the team at Coin.
“Swipes Like A Card. Handles Like A Dream.” – Coin
Perhaps it swipes just like a card but is it really a dream? Brandon did bring up the point of acceptance by merchants and said “some stores might be leery about accepting it (Coin) due to its non-traditional appearance”. Umm, yeah! So you go into a retail store and after an hour of picking out your new television you go to the cashier and give them your Coin. I could just imagine the look on that cashiers face. The look of, “do I accept a card that I don’t recognize, has no features of a pay card and from a customer who says trust me it will work”? And what else can turn this “dream” into reality but the fact that Coin costs $100 and lasts only two years.
“Why Lose One Card When You Can Lose All Of Them At Once”
What people want is not condensing the amount of cards you carry but eliminating the card all together. People may not know what Coin is but they do know what a cell phone is and the technology behind it. With the iPhone using its Passbook app and other devices using NFC technology and Isis for payment, this is the future. Retailers are already accepting phone apps as payment and more are getting on board every week.
Coin is a solution to a problem that doesn’t exist and if we want to get serious about this, the solution is stop having so many payment cards. Besides, we’ve already seen companies like Coin come and go, watch.