Coin, the all-in-one smart credit card, has officially extended its beta test to 15,000 users, up from the original 10,000 in San Francisco. According to Engadget, beta testing signups will begin on August 28 for iOS users and September 25 for Android users.
The Coin credit card allows users to input a number of cards into it, then select which card to use for a specific purchase or swipe, either via the free smartphone app or directly on the card itself through a one-button input. Currently, the beta version offers 85 percent accuracy in San Francisco. The company is opening the beta to more testers nationwide in order to provide 100 percent accuracy in card swiping over a larger region.
With Coin, users can carry one card that can access multiple accounts, instead of multiple cards that each access one account. In a world that’s quickly becoming more digital, paying with plastic cards is an old-fashioned way to go, though virtually all merchants have card swipers and readers. Coin offers a middle ground: one card for everything, with additional security features like disconnecting when too far from the user’s phone.
Lost in Translation
The card’s official launch was slated for this summer, but CNET now reports that the release is delayed until spring 2015. “We apologize for our lack of transparency and clarity,” Coin CEO Kanishk Parashar wrote in an open letter (password is “letter”) to all buyers. The company has met several key goals, Parashar said, such as keeping the card a thin 0.84 mm so it looks and feels just like a standard credit card, incorporating a simple E-ink panel that displays basic information, and including a simple button for unlocking the card without the corresponding app. “Coin swipes successfully in 85 percent of the locations we visit. Our hardware team is focused on the remaining 15 percent.”
Testing the Nationwide Waters
Entering the beta will not cost users their place in line for the full launch, nor will it cost any additional money, though the beta card’s accuracy will not improve, so eventually it will be phased out entirely. It’s also worth noting that the company is offering full refunds to any buyers who are no longer interested in the credit card. CrunchBase reports that the company has raised significant funds in the last year.
Are you excited to sign up for the Coin beta now, or do you wish the official version had been released on time?
Image courtesy of Flickr
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