Payment device startup Coin, which allows users to store payment data from multiple cards on a single device that itself is about the size and weight of a credit card, announced the launch of its second-generation EMV-ready product incorporating NFC technology.
The latest Coin product will enable customers to pay utilizing both contactless and swipe payment systems.
“We’ve worked hard to deliver ‘Tap to Pay’ NFC-enabled Coins and are pleased to be able to be shipping these as of today, including upgrading all existing customers at no cost,” Kanishk Parashar, CEO of Coin, said in a company blog post yesterday (Aug. 26).
Coin cards finally went into circulation in April after months of delays. Due to an overwhelming volume of 350,000 pre-orders, the device spent six months longer in beta than originally planned and went through 42 test designs.
The devices arrive to customers already programmed with the credentials used during ordering. The user then creates a unique “tap code” — a mix of six long or short taps used instead of a password or PIN — then pairs the Coin to a mobile device via Bluetooth. Payment card data can be added manually, via swiping using a Square-like card reader or by photographing the card. Data is then transmitted to the Coin device using encrypted Bluetooth.
The company confirmed customers with existing Coin cards will be eligible for a free upgrade to the Coin 2.0 offering by filing a claim via the latest version of the iOS and Android mobile apps. Any customers who are still awaiting their Coin card or those who are ordering it for the first time will automatically receive Coin 2.0.
Coin 2.0 devices began shipping yesterday with NFC technology capabilities in Early-Access-Mode, which will only allow “Tap to Pay” contactless payments to work with select cards as the company continues to finalize integrations with financial institutions.
“We are currently working on partnerships, new features, and improvements that will enhance Coin 2.0’s compatibility with more point-of-sale systems and bring additional valuable functionality to consumers,” the company said.
Customers can expect to see features such as the ability to nickname payment cards and improved performance of the electronic stripe at gas stations in Coin’s second-generation card.