Coin, the new mobile payment platform that may actually have a chance at taking off, has already blown through its initial crowdfunding goal by raising $50,000 in under 40 minutes. Because of this success, the company says that it’s making more Coin cards available for preorder and that it’s added new features to Coin including “an alarm that remembers how many times your Coin is being swiped” and that “will alert you via the app if it is being swiped fraudulently when out of your hands.”
Coin is a completely new approach to mobile payments that is essentially a Bluetooth Low Energy-powered device that’s the size of a traditional credit card and that doesn’t require store vendors to put any new equipment or technology on their point of sale terminals. Coin users can store multiple credit card accounts on the device as well as store gift cards, membership cards and other key shopping tools.
Coin’s press release announcing its new initiative follows below.
Coin, The Only Card You’ll Ever Need, Continues Pre-Sale Orders After Passing Campaign Goal in Just 40 Minutes
Coin starts building relationships with credit card companies and announces new features
SAN FRANCISCO– (November 20, 2013)— Coin, the Bluetooth Low Energy (BLE) connected card that can replace all other cards, is today announcing that more Coins are available for presale even after hitting its $50,000 campaign goal in just under 40 minutes. The company is also announcing additional features and over 50 answers to the most popular consumer questions about the device. Those answers can be found here: https://onlycoin.com/support/faq/
The company, which launched last Thursday, is on pace to become the most successful hardware crowdfunding campaign in history and has already received three million visitors to its site with almost 5 million views of its video on YouTube.
The company is also announcing new features:
- Coin has an alarm, that remembers how many times your Coin is being swiped, and will alert you via the app if it is being swiped fraudulently when out of your hands.
- Coin can work without being tied to a phone.
- Coin can lock for one particular card so it can’t be changed to a different card by a merchant or waiter for example.
In addition to its new features, Coin is providing answers to the most popular questions about the device with over 50 responses to top questions.
Here are some examples:
Q: Can someone upload anyone else’s card onto their Coin?
A: With Coin, you can only add your cards that match your personal information stored in the app. Your full name will be printed on the Coin and your signature will be on the back.
Q: How secure is my data in the Coin App?
A: The Coin app is password protected and is 128-bit/256-bit encrypted for all storage and communication with its easy-to-use consumer app to ensure the safety of your identity.
Q: What If I lose my Coin?
A: Coin send you a push notification alerting you if you leave your Coin behind and locks automatically if you go too far away, making it unusable if anyone tries to pay with it.
Q: How do credit card companies and merchants feel about Coin?
A: We have are building relationships with major card providers and merchants and their feedback has been overwhelmingly positive.
Q: What if someone accidentally toggles my Coin, and pays with the wrong card?
A: Coin designed the button to toggle cards in a way that makes it difficult to trigger a “press” unintentionally. Dropping a Coin, holding a Coin, sitting on a Coin, or putting the Coin in a check presenter at a restaurant will not inadvertently toggle the card that is selected. Also, the mobile app will allow you to configure an auto-lock feature that will disable the Coin button to toggle based on proximity
Q: What if my phone dies, will my Coin stop working?
A: No, you can unlock the Coin from your phone in the event that your phone dies or you are in airplane mode.
Check out a video on how Coin works here: http://www.youtube.com/watch?v=w9Sx34swEG0
“The incredible early success of Coin shows that people really want to simplify their life,” said founder and CEO Kanishk Parashar. “We believe that this convenience will carry over and benefit both credit card companies and merchants.”
The device will retail for $100 but crowdfunding backers can enjoy discount pricing starting at $50. Special discounts include $5 off for every friend you refer. Coin is expected to ship its first batch in Summer 2014 and second in Fall 2014.