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.