To Coin or Not To Coin

The hype around coin and why I’m being a Scrooge McDuck about it.

Yesterday, the tech world was a buzz with the announcement and pre-sale of coin, a electronic credit card with an accompaning mobile app that lets you manage all your credit cards. It’s a great idea that solves the problems of thick wallets and having to fish out the card you want to pay with. But it’s not perfect, although I’m excited about the mobile payment landscape, I couldn’t buy into pre-ordering a coin card.

So what stopped me from jumping into the pit of first orders?

First, the pre-sale card even priced at half the cost when launch being $50 + $5 shipping will switch to $100 bucks later on.

Although the coin has a Bluetooth LE chip inside which alerts your phone when you’re away from the card. One has to factor in those business meetings and late nights when you’re using coin plastered with Jack+Coke + Gin+Tonics + Long Island Ice Teas. Your phone could tell you that you’re away from your card but I honestly don’t think you’ll be checking your phone stumbling down the street to your Über car.

Second, the card is an electronic piece of hardware. The button you push to select your card could wear out quickly and then what happens? Do you have to shell out another $100 the second time to rebuy another coin? I hope not.

Two+ years after you get your coin, what happens when the battery dies? Sucks for you.

Who knows maybe Coin has some type of insurance plan.

I get the benefits of coin and I think the idea is very cool (perfect mix of utility + novelty). But I hate to be a Scrooge McDuck, 3-4 credit cards in my pocket are not going to get me to switch anytime soon. If I lose a credit card,I just call the company and it sends me a new one. If I lose my coin, is coin going to send me a replacement? I don’t think so — cost of a electronic coin card > plastic card.

Maybe some people have 10+ credit cards in their pocket which I feel bad for that person. So coin for a consumer with 10+ cards might be a useful solution but for me I’m willing to stick to the 3-4 cards I have right now with no buy-in cost on my end.