Gawker’s Valley Wag misses the boat on Coin in a way that screams poor journalism. Why do I say poor journalism? Take this ValleyWag quote: "It’s also inherently riskier than carrying a few cards on you, as one lost Coin means everything is gone at once." Obviously ValleyWay did not even look at Coin’s FAQ or attempt to talk to someone at Coin.
- Coin can alert you in the event that you leave it somewhere.
- Coin will automatically deactivate if it loses contact with your phone for a period of time that you configure in the Coin mobile app.
My response to ValleyWag:
ValleyWag is completely missing the point. Not only is this a great solution to reduce the size of your wallet but it brings great security to your physical financial transactions. Imagine leaving your credit card at a restaurant. We’ve all done it. You know the fear of someone having access to your bank accounts while we rush back to the store, the hassle of being on hold with the credit card company to cancel the card, etc. With Coin, if it detects that it is away from your phone for a set amount of time, the card deactivates until you reactivate it. It becomes a useless piece of plastic! Also if you start to walk away from it, your phone beeps to warn you that the Coin has possibly been left behind. When we hand a card to a waiter, as they walk away from your table they could be texting your credit card number to a friend who could be making large purchases online before you even get to sign your check. With Coin, only the last 4 digits of the credit card number are ever shown so this type of theft becomes impossible.
ValleyWag also misses that this is not just a credit card, it is a programmable swipe card. If I get to my office only to realize I left my door entry card at the house, with Coin, I simply need to load my access card onto Coin from my cell phone and I’m back in the building for the day without having to run back home.
We collect loyalty card after loyalty card then get rid of them by using phone apps that are slow to open and only scan by the cashier half the time slowing down the line behind us. Coin will replace loyalty cards also.
This is a great product that everyone needs.