Coin, a device that seeks to store information from various credit cards, debit cards, gift cards and membership cards on a single digital app, opened up its pre-order system last week.
Coin, which will be available on both iOS and Android, is the same size as a traditional credit card and can hold up to eight cards at a time. Though Coin itself cannot be used directly for online payments, it can be used to reference card details and for withdrawals at ATMs.
The current version is designed for the U.S. market and does not support EMV payments, though future generations of the product will feature EMV capabilities. The pre-order price is $50 for the Coin and a credit card reader for transferring credit card details, but the price will jump to $100 for later orders of the product.
Coin and its servers and apps use 128-bit or 256-bit encryption for all storage and communication, and Coin can alert the user if the device is left somewhere. In the event that the Coin loses contact with a user’s phone, through the mobile app, the user can set the Coin to automatically deactivate itself.
The Coin app requires a user to take a picture of the front and back of the card, enter card details and swipe the card to ensure the magnetic stripe data matches provided card details.