Coin is so interesting. It’s a
credit-card-sized device that holds other credit cards, debit cards and gift cards, allowing you to swap
from card to card and even store gift cards inside its ultra-thin innards.
The company planned a pre-order
campaign that would top out at $50,000. They blew past that goal in 40 minutes
today, a testament to the desire for folks to leave their plastic at home.
The card itself is as thin as a
regular credit card. To use the card you select a payment type with the button
and just swipe. The Coin card “mimics” your read credit or gift card. The
technology is tightly packed inside the card’s plastic case. It uses low-power
Bluetooth to connect to your iOS device that is coupled with a standard
credit-card reader. You swipe your cards into the system and you’re done. The
device holds up to eight cards.
Engineer Kanishk Parashar is
leading the Y-Combinator-backed company alongside investor and board member
Manu Kumar. Parashar cut his teeth in payments with a startup called
SmartMarket, but this product seems to be his winner.
The company isn’t new – a company
called Flint is already in this space and I suspect a bigger player will
probably beat Coin to the mass market. It’s a cool idea in a cool
package and, clearly, the idea has caught fire.
Watch the video below to know and understand how it works:
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