Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

Meet Coin (YC W13), a startup creating a universal credit card

gigaom.com

Post reply on HN
Print view View original

41–50 of 182 posts

Re: Meet Coin (YC W13), a startup creating a universal credit card

#41

Post by andrewfong »

walshemj wrote: post #29
altoz wrote: post #23

This seems a great way to steal other people's credit cards. You can literally duplicate someone's card on your "coin". Now there's a super easy way for someone working in a restaurant to get your credit card information and sell it.

Yes I really want to have a reprogrammable CC that I hand to a waiter NOT - Why not just have the fed mandate Chip and Pin after a certain date like Europe did.

Because it's not worth the cost. On the consumer side, chargebacks are easy. Credit card companies bear the brunt of the cost of fraud. They all have the incentive in the world to start rolling out chip and pin technology. The fact that they haven't probably demonstrates that the math doesn't work out.

Re: Meet Coin (YC W13), a startup creating a universal credit card

#42

Post by snitko »

walshemj wrote: post #29
altoz wrote: post #23

This seems a great way to steal other people's credit cards. You can literally duplicate someone's card on your "coin". Now there's a super easy way for someone working in a restaurant to get your credit card information and sell it.

Yes I really want to have a reprogrammable CC that I hand to a waiter NOT - Why not just have the fed mandate Chip and Pin after a certain date like Europe did.

Why not just pay with Bitcoin? Really, after Bitcoin, using credit cards seems like an invitation to be robbed.

Re: Meet Coin (YC W13), a startup creating a universal credit card

#43

Post by walshemj »

toomuchtodo wrote: post #19
sjtgraham wrote: post #15

Earlier quoted context omitted.

> Maybe in the EU. *the remainder of the world. > The US is dragging its feet on the whole PIN/CHIP migration. Merchants are dragging their feet. The liability shift deadline is instituted by the card schemes themselves.

Okay, but I'm in the US and the US has ~300 million people (vs 500 million spread throughout the EU). What happens in the EU doesn't always effect the US, and vice versa.

You mean the USA has non standard tech/standards and companies have to produce two SKU's one for export one for home - you fail production engineering 101.

The fiasco over not implementing GSM like the rest of the developed world did is a good example - less NIH might help.

Re: Meet Coin (YC W13), a startup creating a universal credit card

#46

Post by andrewfong »

walshemj wrote: post #33
madsushi wrote: post #26

Earlier quoted context omitted.

Easier than pen and paper? Or the camera on their phone?

Its a bit hard to read the mag stripe by eye - unless your a mutant in which case call in Phil Coulson's team stat

The majority of credit cards still have actual numbers on them.

Re: Meet Coin (YC W13), a startup creating a universal credit card

#47

Post by michaelmior »

witek wrote: post #18
michaelmior wrote: post #8

I think one of the hardest things about having one would be convincing retailers you're not trying to somehow scam them. Especially in the case of loyalty cards. Sure I CAN load my card onto the Coin, but what is a merchant going to do when I pass them something strange that looks nothing like their card?

Often, a loyalty card is nothing but a piece of plastic with a number printed on it. For example, for airlines and hotels I just give them the number, they never need to see the card. However, if you mean a gift card with pre-loaded money, things may be different, but then it'd probably be a similar reaction if you tried to use Coin instead of a proper debit/credit card?

I'm just thinking about the reaction I would get if I walked into my grocery store and handed them my Coin. I'm not sure they would take it. Debit and credit cards may be a problem too, although they're diverse enough that unfamiliarity is less of an issue. Plus, you can handle the card yourself in many transactions. Usually loyalty cards need to be given to the merchant.

Re: Meet Coin (YC W13), a startup creating a universal credit card

#48

Post by alexobenauer »

I love this idea, but I don't think it would solve one of the biggest reasons why I would want something like this:

Royalty Cards. I simply don't use them because that's way too many cards to have in your wallet. But say I'm at a restaurant, without coin, you give the waiter your credit card and your royalty card. With coin, do you make him run back twice so you can hit the button to switch from your credit card to your royalty card?

I guess you could get 2, one for credit / debit cards, another for royalty cards, but that seems to start defeating the purpose.

Re: Meet Coin (YC W13), a startup creating a universal credit card

#49

Post by baby »

It doesn't seem to apply to inserting, and in Europe we don't really use swiping (also we have to type a PIN code).

Although as a US product only it seems surreally cool and practical. I wouldn't use that for my credit card, but for a membership card? I have way too much H&M card, Levis' card, Virgin Megastore card, Cinema Card...

Re: Meet Coin (YC W13), a startup creating a universal credit card

#50

Post by aresant »

Great technology solving what's a small, but real inconvenience with a great, simple UX and product. Just bought mine.

My only question was can I use for my ATMs too (which pull card in vs. being swiped)?

And the answer is yes, great FAQ by the way:

https://onlycoin.com/support/faq/

Post reply on HN