Go Back  FlyerTalk Forums > Miles&Points > Credit, Debit and Prepaid Card Programs > Credit Card Programs
Reload this Page >

Coin - [No referral links] Single Card To Replace All the Plastic in Your Wallet

Coin - [No referral links] Single Card To Replace All the Plastic in Your Wallet

Old Aug 22, 14, 7:21 pm
  #136  
 
Join Date: May 2012
Posts: 514
Originally Posted by jacobsta811 View Post
Even if EMV chips kill this as a credit card replacement, it still has a lot of use in other places that will never go EMV. How many store loyalty cards, subway/bus/train cards, gift cards, etc are mag stripe cards ? As long as they don't stop you from putting those on your coin, it still has use for me. It would have even more use if they would make the display e-ink and high res enough to display a QR code/bar code - then it would replace all the loyalty cards on my keychains or in my wallet.
Only for two years, and then not working 15% (if not more) of the times!

Last edited by mizzou1; Aug 22, 14 at 7:26 pm
mizzou1 is offline  
Old Aug 22, 14, 7:34 pm
  #137  
FlyerTalk Evangelist
 
Join Date: Jan 2014
Location: San Diego, CA
Programs: GE, Marriott Gold
Posts: 14,103
Originally Posted by mizzou1 View Post
Only for two years, and then not working 15% (if not more) of the times!
I think the bet Coin's making is that the places where their customers frequently shop aren't going to be anywhere near EMV ready by October 2015. For instance, they may prefer smaller retailers over the Walmarts of the world, and they seem to be taking up EMV more slowly. Based on this they may be taking a calculated risk that Coin will still be plenty usable beyond 2015. Their bet is a losing one IMO but it's ultimately their choice.
tmiw is offline  
Old Aug 22, 14, 7:48 pm
  #138  
 
Join Date: Nov 2012
Posts: 3,531
Originally Posted by tmiw View Post
I think the bet Coin's making is that the places where their customers frequently shop aren't going to be anywhere near EMV ready by October 2015. For instance, they may prefer smaller retailers over the Walmarts of the world, and they seem to be taking up EMV more slowly. Based on this they may be taking a calculated risk that Coin will still be plenty usable beyond 2015. Their bet is a losing one IMO but it's ultimately their choice.
My issue is the lies. The claims chip and signature cards won't have issues.
AllieKat is offline  
Old Aug 22, 14, 8:22 pm
  #139  
 
Join Date: May 2012
Posts: 514
Originally Posted by tmiw View Post
I think the bet Coin's making is that the places where their customers frequently shop aren't going to be anywhere near EMV ready by October 2015. For instance, they may prefer smaller retailers over the Walmarts of the world, and they seem to be taking up EMV more slowly. Based on this they may be taking a calculated risk that Coin will still be plenty usable beyond 2015. Their bet is a losing one IMO but it's ultimately their choice.
jacobsta811 said that "Even if EMV chips kill this as a credit card replacement, it still has a lot of use in other places". And I said "Only for two years, and then not working 15% (if not more) of the times!" Also I should add with a cost of $50/year! If it doesn't work as a credit card replacement, they need to significantly decrease the price. Then it may be a good choice to replace other mag stripe cards.
mizzou1 is offline  
Old Aug 24, 14, 12:39 am
  #140  
 
Join Date: Dec 2013
Posts: 142
Interesting email from the coin team today, filled with contrition, admitting mistakes and actually sounding like a company with a conscience.

Backers who take the Beta will now get a brand new coin this spring for free, rather than repurchasing for $30. They are still offering 50% any coin purchases for three years as well. I claimed mine and will take the beta, in hopes that they'll figure things out in the coming months.

The app drops on the 28th, so hopefully I'll get it in not too long and can see how it works for me. I'd love for this to go well, but I won't hold my breath.
Bigserver1 is offline  
Old Aug 24, 14, 5:46 pm
  #141  
FlyerTalk Evangelist
 
Join Date: Jan 2014
Location: San Diego, CA
Programs: GE, Marriott Gold
Posts: 14,103
Coin delays product launch until spring 2015 as questions remain

The goal of the EMV standard is to phase out reliance on magnetic stripes, which have been around for decades and are subject to all manners of fraud. The microchip generates a unique code for every transaction, and inside the chip is what MasterCard spokesperson Oliver Manihan calls a black box: a private section in which a cardholder's PIN and the cryptographic keys used to generate code are located.

As for Coin, even if it does find a way to include security chips on its device, Manihan said it may not be able to store information from the ones his company sends to customers. "You could only get a portion of the data," he said, adding that some of the information stored on the chips is designed to never be copied.
tmiw is offline  
Old Aug 25, 14, 12:49 pm
  #142  
 
Join Date: Jul 2006
Location: LAX
Programs: AA EXP 1.5MM, Asiana Club Silver, KE Morning Calm, Hyatt Platinum, Amtrak Select
Posts: 7,155
The diminishing aura and utility of Coin
kebosabi is offline  
Old Aug 25, 14, 3:45 pm
  #143  
 
Join Date: Dec 2004
Location: London
Posts: 6,227
So the manufacturers are still promising that they might support EMV, but still consider this low priority and haven't even started planning for this.

I warned at the beginning that this would be a dead duck, now all I hear is quack, quack, quack.
Aus_Mal is offline  
Old Aug 25, 14, 3:57 pm
  #144  
FlyerTalk Evangelist
 
Join Date: Jan 2014
Location: San Diego, CA
Programs: GE, Marriott Gold
Posts: 14,103
Originally Posted by Aus_Mal View Post
So the manufacturers are still promising that they might support EMV, but still consider this low priority and haven't even started planning for this.

I warned at the beginning that this would be a dead duck, now all I hear is quack, quack, quack.
The only real way Coin could support EMV though is if they partnered with a bank and acted as a proxy (much like what the Google Wallet app does). Coin would be in the news as the company that broke EMV's security if they managed to make a card that acted like their soon to be released one without doing so.

If they did go that route though, they could make the Coin card PIN priority and get around the banks' reluctance to give us PINs. I'd consider getting one in that case. Definitely not their first-gen product.
tmiw is offline  
Old Aug 25, 14, 4:49 pm
  #145  
 
Join Date: Nov 2012
Posts: 3,531
Originally Posted by tmiw View Post
The only real way Coin could support EMV though is if they partnered with a bank and acted as a proxy (much like what the Google Wallet app does). Coin would be in the news as the company that broke EMV's security if they managed to make a card that acted like their soon to be released one without doing so.

If they did go that route though, they could make the Coin card PIN priority and get around the banks' reluctance to give us PINs. I'd consider getting one in that case. Definitely not their first-gen product.
If Coin managed that, banks would simply push an update to the chip cards and break whatever hack they used. It'd have to be done with bank cooperation.
AllieKat is offline  
Old Aug 25, 14, 5:20 pm
  #146  
FlyerTalk Evangelist
 
Join Date: Jan 2014
Location: San Diego, CA
Programs: GE, Marriott Gold
Posts: 14,103
Originally Posted by alexmt View Post
If Coin managed that, banks would simply push an update to the chip cards and break whatever hack they used. It'd have to be done with bank cooperation.
It wouldn't be a hack per se if they went the GW route. Get a notification from whatever bank they partnered with, charge the selected card for the amount just like if the card was used for a card not present transaction. Of course, they would need a merchant account that is okay with that, probably from the same bank that's putting the chip in.
tmiw is offline  
Old Aug 25, 14, 5:41 pm
  #147  
 
Join Date: Jul 2006
Location: LAX
Programs: AA EXP 1.5MM, Asiana Club Silver, KE Morning Calm, Hyatt Platinum, Amtrak Select
Posts: 7,155
Originally Posted by tmiw View Post
The only real way Coin could support EMV though is if they partnered with a bank and acted as a proxy (much like what the Google Wallet app does). Coin would be in the news as the company that broke EMV's security if they managed to make a card that acted like their soon to be released one without doing so.
Which is a futile attempt IMO. Coin's idea is based on the ability to mix-merge different cards, regardless whether it's a card issued by Citi, Chase, BofA, Scotiabank, Mizuho Financial, HSBC, Woori Bank, BNP Paribas, Banco do Brasil, or whatever bank issued card in the world into one card.

If they need to partner with a bank, then that severely limits the number of cards that can be placed onto Coin. And there are tons of banks all over the world. Coin can say "oh it's intended for use in Murica only," but that's still lots of banks to negotiate with, all the way from local credit unions to the mega-banks.

And what's the point of Coin when their only partner ends up just with Citi for example? Might as well just use the Citi issued card instead.
kebosabi is offline  
Old Aug 25, 14, 5:42 pm
  #148  
FlyerTalk Evangelist
 
Join Date: Jan 2014
Location: San Diego, CA
Programs: GE, Marriott Gold
Posts: 14,103
Originally Posted by kebosabi View Post
Which is a futile attempt IMO. Coin's idea is based on the ability to mix-merge different cards, regardless whether it's a card issued by Citi, Chase, BofA, Mizuho Financial, BNP Paribas, Banco do Brasil, or whatever bank issued card in the world into one card.

If they need to partner with a bank, then that severely limits the number of cards that can be placed onto Coin. And there are tons of banks all over the world. Coin can say "oh it's intended for use in Murica only," but that's still lots of banks to negotiate with, all the way from local credit unions to the mega-banks.

And what's the point of Coin when their only partner ends up just with Citi for example? Might as well just use the Citi issued card instead.
Maybe I'm misunderstanding something here. How exactly does Google Wallet work? It would seem like it'd have the exact same issues as Coin but somehow doesn't.
tmiw is offline  
Old Aug 25, 14, 5:55 pm
  #149  
 
Join Date: Jul 2006
Location: LAX
Programs: AA EXP 1.5MM, Asiana Club Silver, KE Morning Calm, Hyatt Platinum, Amtrak Select
Posts: 7,155
Originally Posted by tmiw View Post
Maybe I'm misunderstanding something here. How exactly does Google Wallet work? It would seem like it'd have the exact same issues as Coin but somehow doesn't.
The difference is that MC and VISA has licensed their PayPass and payWave system to Google. Google has the networks' cooperation, therefore any issuer that is using MC or VISA can support it.

Coin on the other hand, I doubt they've gotten any licensing from MC or VISA yet, and likely not to see them gain them as well. Hence, if they don't have the network's cooperation, then they'll have to go one step down and deal individually with each bank.
kebosabi is offline  
Old Aug 25, 14, 6:19 pm
  #150  
 
Join Date: Nov 2012
Posts: 3,531
Originally Posted by kebosabi View Post
The difference is that MC and VISA has licensed their PayPass and payWave system to Google. Google has the networks' cooperation, therefore any issuer that is using MC or VISA can support it.

Coin on the other hand, I doubt they've gotten any licensing from MC or VISA yet, and likely not to see them gain them as well. Hence, if they don't have the network's cooperation, then they'll have to go one step down and deal individually with each bank.
Umm, no, not at all. Visa has almost nothing to do with Google Wallet except for accepting transactions as they do from any merchant.

The difference is, Google Wallet presents a Google/Bancorp Bank virtual Mastercard. When a charge is made to this card, Google then charges your real card as a merchant aggregator.
AllieKat is offline  

Thread Tools
Search this Thread
Search Engine: