So far we’ve seen snail mail, house phones and even BOOKS fade into relative obscurity because of technology…are credit cards about to become a relic as well?
There’s been plenty of hype surrounding the product, but let’s cut to the chase: how does this thing work? For $50 (the pre-sale started Thursday, but it will officially hit the market in summer 2014, and then it will retail for $100), you receive your Coin card and a card-swipe dongle that connects to your smartphone/tablet to allow you to keep all of your card information in the mobile app. After you sync your cards with the app, all of that data is stored on your Coin card. Once you’ve set all of this up, you no longer need the app unless you want to add, manage or delete cards.
Inevitably, the question is: will people buy this? Consumers are carrying less cash on their person than ever, but $100 seems like a lot of money when I can get a sweet velcro wallet to store a couple measly credit cards.
Then there’s another concern: ANYTHING CAN BE HACKED. Self-driving cars, mobile devices, computers, bank accounts, hell, even the camera on your Smart TV can be hacked so creepers can check you out. What makes Coin any different? It seems a bit risky to have all of your financial information on one device, ripe for the taking.
But that might just be me being paranoid. Would you buy this, or are you going to stick with your traditional forms of payment?