Online payments are gaining prominence and so are the plastic cards. There are several types of alternative solutions for virtual currencies including physical readers such as PayPal, Square and alike.
Paying with a credit card using a magnetic stripe reader at the point of sale is just too fantastic and works for millions of sites. This easy procedure helps user making their payments easy like never before. PayPal and Square understand this ease of payment, so without changing it, they have simply enhanced the already-existing technology and made it available to smart phones and mobile devices.
However, with the advancements in technology, a device called Coin has came into being, with the size of a credit card that can store information of other cards as well. With coin coming into market, the unnecessary mess in the wallet is sure to cut down, after all who wants to carry all messed up wallets.
Coin can store information of as many as eight credit, debit, loyalty or gift cards with a single button press. It is extremely easy to use the card for making any payments or can also be used in an ATM for withdrawing cash. Coin uses the patented magnetic strip with variable information to store data.
How the Coin Card works?
There are many technologies incorporated in this Coin Card to make it the absolute option for its users. Users need to load information from their iOS or android devices which in turn sends the information to the coin card using the Bluetooth device. The new kind of magnetic stripe technology installed in the Coin card can be changed on demand to replicate any of the saved cards. You can press the button to cycle through your accounts and can swipe it as well to the vendors. This card has similar thickness like the regular credit or debit cards, which makes it easy to swipe.
The appearance of the card is little different as compared to the credit or debit cards. There is a small LCD that displays the information such as name, expiration details as well as the security code, which usually appears in the back of the card. At a stretch, one can use coin card for two years, after that you need to purchase a new one, since it is not possible to recharge the card more than once. Connectors for smart phones also come along with the device, so that it becomes hassle free to swipe through the cards and the coin card can be put back to the wallet.
Coin cards come with ATM magnetic stripes and reading systems, hence it can be uses anywhere the user wants to use to make payments. From gas stations, restaurants, shopping malls to movie theatres, no matter where you go, you can make hassle free payments from your coin card. With the mobile coin card application, you can keep track of your funds in different cards and can get notifications on much money you have spent.
If you are concerned about the loss or theft of the card, Coin card has arrangements to lessen your worries as well. Coin sends notifications to your mobile when the Bluetooth devices lose contacts is the separation time between the Bluetooth exceeds the user specified time and locks itself in order to prevent misuse of the card. The coin uses 128-bit and 256-bit encryption on the card on the server as well as in the mobile app.
In the past few years, a lot of focus has been given to the digital wallets and standing in that scenario Coin card seems to be a very interesting concept. Now managing money can be real time fun.