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If you've been waiting for news regarding Coin Card, then you've got a longer wait than expected. Coin launched with HUGE fanfare in November of 2013, promising to revolutionize your credit card by allowing you to combine up to 6 cards in one bluetooth enabled
device. Launched on the same day as the revamped Google Wallet, Coin Card stole the show for a few months as news about the product gained momentum.
Commentators were skeptical though. Both
CNN and the
New York Times warned consumers of the risks associated with a non-PCI compliant card replacement, that also did not include security features required for merchant acceptance. The looming EMV issue was not yet an imperative in the US press, because this
was pre-Target breach.
Clearly things have caught up with the Coin team. The latest news on their Facebook page has Coin's release
slipping to Spring of 2015, with still no public response to the switch to EMV requirements.
This delay has upset the backers who participated in the initial raise of funding for coin which was done as a
kickstarter-type campaign on Coin's website back in November.
The comments can be found on coin's Facebook page, where the crowd-funding backers are clearly not pleased -
OnlyCoin Facebook Page. Comments include the following:
Clearly the folks at Coin have their work cut out for them to recover from this. $15m in funding might be enough to refund their early backers, but the uncertainty around the future of Coin may be too much of a hurdle to surmount for the market, especially
with the EMV rollout speeding up in the US.
CEO & Founder
14 Apr 2010
This post is from a series of posts in the group:
A discussion of trends in innovation management within financial institutions, and the key processes, technology and cultural shifts driving innovation.