Re:Coin
by WesleyJohnson on Friday November 15, 2013 @11:10AM
(#6740166)
The display on the coin shows you the selected card, the expiration date and the last 4 digits of said card. So I believe your first point is moot, assuming the display stays active at all times or for a long enough duration that the cashier can get the last 4 digits as needed.
Re:Coin
by bonestamp2 on Friday November 15, 2013 @02:47PM
(#6741679)
You're right that it displays the last four, but the whole reason why the cashier has to type in the last four digits is a check that the physical imprinted numbers on the front of the card match the data on the magnetic stripe.
Typing in the last four on the coin completely bypasses this anti fraud measure since the last four will always match on the coin because the digits it displays come directly from the magnetic stripe data.
Cool product. I want it to work, but I fear it won't be widely accepted.
That said, if they were to license the visa and mastercard logos for it, that would probably be enough to get it accepted during most transactions by cashiers who aren't savvy or don't care.
On the other side of it, I love the idea, and the only way to get merchants and card companies to begin changing their policies is for someone to be first through the door. This will not work for all situations at first, but if it proves popular it could easily sway these policies. Imagine some of the possibilities. Just as an example, imagine getting a pre-approved credit card offer in your email, then having the new, swipeable card instantly downloaded to this device after a few verification questions. Credit card companies that worked with Coin could gain an instant competitive advantage in the cut-throat credit card marketing business. This could also revolutionize the loyalty card business.