By using a card scanner paired with your smartphone via an app and a 128-bit encryption Bluetooth LE connection, the Coin allows you to converge multiple credit cards, debit cards, bank cards, loyalty cards, membership cards, and gift cards all into one card, that can be used anywhere. Simply by pressing a button and a small screen states which card you’ve selected, you can be on your way.
In order to prevent malicious usage if your Coin is lost or stolen, it automatically deactivates if it is a certain distance away from your smartphone, and issues an alert. However, the Coin does not need to be paired with or near an Android or iOS smartphone to function; it’s simply an additional security measure.
From an avid card-user’s point-of-view, this could save lots of wallet space, but it would be fantastic to review this once it nears release, and figure out just how viable and secure Coin actually is. The Coin is planned to launch sometimes next summer, with pre-orders starting now for $55 including shipping in the United States; the normal price being $100.
Via: Only Coin