Coin Credit Card Launches Beta, Pushes Final Release to Spring 2015

| Product News

Coin, the company that makes the self-titled Coin credit card replacement, announced a beta program for 10,000 users willing to try Coin Beta. The program is designed to put the device through real-world testing while the final release of Coin Gold is pushed back to "spring 2015." Coin was originally supposed to launch in the summer of 2014.

Here's the original YouTube promo video for Coin released in 2013:

Coin is a programmable device with a magnetic strip that can be used to house several credit cards. The company self-funded with early discounts starting in 2013. Some of those customers were sent an invitation on Thursday to participate in Coin Beta, but there are a few caveats.

The beta version of the device will include Tap Code security, a two year battery life, water resistance, an E-ink display, and "Physical dimensions equivalent in size and shape to magnetic stripe based cards."

Missing from that list is the Left-Behind Alert that activates when your Coin gets separated from your iPhone. The final version will also be "virtually indistinguishable" from a credit card, rather than just being "equivalent."

In addition, the company warned that Coin Beta will have four specific limitations:

  • 85% swipe acceptance
  • No Left-Behind Alert
  • Coin Beta users should carry a back up debit or credit card should they identify a machine that can’t yet accept Coin
  • Not available for international Backers

But wait, there's more. By signing up for Coin Beta, you give up your claim to Coin Gold. Instead, Coin will allow you to purchase Coin Gold for $30, a 70 percent discount from the retail price.

While email notices were sent out on Thursday, the next step involves downloading the Coin app from the App Store on August 28th. Android users will have to wait until September 25th for the app to be released on Google Play.

Comments

Macfox

I’ve received several private Coin Backer Plan letters for beta and first responders like myself. I ordered my unit as an early responder in January of 2014 with summer 2014 delivery.
Coin has gotten a lot of push back from many buyers on the password protected forums about additional costs to be a beta tester (first only in the SF Bay area) and additional costs (70% discount on Coin Gold to ship 2015). I’m not referring back and forth from the original letters so I may have some facts misplaced or wrong; just let it be said that I am so disappointed I’ve requested a refund. I have since then gotten another letter titled “apology and an update” to respond to the many complaints and offer a nation wide beta program AT NO ADDITIONAL COST to the testers (as from previous letter) and to increase the number of testers by about 50% to 15,000.
All well and good.
Also, I personally am not trying to discourage others from requesting refunds, I just want one myself for several reasons. I am now retired and don’t really travel that much. Only use 2-3 cards regularly. And with the final Coin due next year 2015 sometime, I think it will have less impact on my use. (Other credit cards are supposed to be following the european chip credit card which will make magnetic strips obsolete.
I wish Coin well and hope with improvements and refinements past 2015 and 2016 and with incorporation of the chip design, I may be a customer again in the future.
Very Sincerely,
Bob

Macfox

In case I was not clear. I am actively seeking a full refund from Coin. I’ve just sent my request with my order number and asked for a refund and cancel my previous order.
Time will tell.
Bob

aardman

European style embedded-chip credit cards are coming.  Next year, the credit card companies will stop eating losses due to fraud on swiped transactions; merchants are on their own on those.  Coin has timed things badly.

Log-in to comment