Imagine not having to fumble through your debit cards, credit cards and gift cards all jammed into your wallet. Coin’s all-in-one card hopes to solve that headache.
The seven-person startup from San Francisco announced Thursday that their digital card, also called Coin, aims to replace every single plastic card in your wallet.
The product is a smartphone-connected payment card with a magnetic strip that can change instantly to mimic up to eight cards whose information it has stored. To switch in between cards, users can flip through photos of all the cards on the Coin iPhone app.
Cards are entered into the digital card’s system after being swiped on a square-like dongle plugged into a smartphone. The Coin card is connected to the smartphone via Bluetooth.
While the idea of not having to search in a sea of cards for the right one can relieve some, the idea of consolidating multiple bank accounts onto a single strip of plastic can easily be terrifying to others. Coin attempts to address this fear with a security feature that disables the card when it’s not near owner’s phone.
A setback though, as Quartz’ Christopher Mims notes, is that if your phone’s battery dies, the card stops functioning. Another is if you forget your phone at home, you are stuck without all your cards.
Coin is available for preorder for $55 with an expected delivery time of 2014.
Sources: Huffington Post, Coin, Slate