kebosabi

The Register (UK) also ran an article which gives Coin a bad review.

As with everyone so far, the lack of EMV is a deal killer in this idea. Even if this is only intended for the US market, the US market itself is also moving to EMV as we speak, so why bother with improving upon dying technology?

It's like how the ZIP drive flop all over again - trying to introduce dying technology too late when the industry was already moving to faster, cheaper and larger capacity CD/DVD-RWs and USB flash drives.


Ever wondered what happened to Citi 2G cards that were supposed to be new wave in credit card technology?

Now you can't find anything regarding Citi 2G on Google, it's likely that the idea has been scrapped by Citi. Now Dynamics (the inventor of that switchable credit card) is trying to things their own way by issuing Dynamics ePlate on their own but nary any mention about this card here on FT. It wouldn't surprise me that this too fails underwater as well.

I foresee Coin being exactly the same thing.

Aus_Mal

I can't work out how they intend to provide EMV in the future. Pipe dreams... and reduces their credibility even more.

AA_EXP09

Judging by when I was there 2 weeks ago, it seems to move very slowly...

AllieKat

There? It?

Clarification is useful. My best guess is UK, EMV. And that's why contactless for small purchases is key. EMV is slower than magstripe. But the security benefits are worth it.

reclusive46

There really isn't any way they could possible make an EMV version. EMV cards are designed to be uncloneable.

AllieKat

Sure you can, EMV card that is tied to a virtual account with them, and charges get passed, in turn, on to your real account. Same as Google Wallet, and the RIGHT way to implement a service like this. Unfortunately, there's a spread in offering that service that makes it completely unsustainable - Google does it to market other products. It has a marginal loss - every transaction adds to the losses.

reclusive46

Problem with doing that is that its hardly going to replace your wallet. You would still need your loyalty cards, they probably won't take American Express as COIN would be making a loss, so in the end it wouldn't replace anything.

AllieKat

Like I said, every transaction would be a marginal loss. You better believe Google isn't getting as much from Mastercard as they pay for each Google Wallet transaction. Every time someone taps their phone to pay with Google Wallet, Google incurs a loss. They still do it, for marketing reasons.

I said how it would be POSSIBLE with EMV, not if the business case could be made.

jhabak

Looks like this is going to be yet another trial and error..

vacashawn

I ordered one for the heck of it, might as well get it half off just in case it ends up being awesome.

They say they are still at least 2 iterations away from any type of finalized product, so who knows it may change to add more features, guess we'll know more come July '14 ish.

9Benua

I guess with the recent announcement from Visa & MC on Pin & chip card transition, this product is DOA.

PainCorp

What announcement?

LoneTree

Recent? If you mean the liability shift, that's been known for quite a while. One main reason I never signed up for Coin.

f0xx

http://blogs.wsj.com/corporate-intel...n-credit-card/

LoneTree

This has been known for a few years now and isn't a recent announcement. That's probably why Coin mentions EMV in their FAQ.

But I agree, I don't see how Coin can take off without EMV.