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U.S.-based customers: Coin will work overseas, but we recommend that you bring a backup card when you travel.
Customers located outside of the U.S.: Coin does not support EMV yet. If the country you live it requires it we recommend holding off your purchase for now."
Found this in FAQ section.
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.
1) This can already be done using a simple stripe reader.
2) Coin can identify, investigate and proactively block anyone who has more than the average number of cards, so Coin actually seems well positioned to reduce fraud. Also, Coin could identify that multiple Coin cards have the same credit/whatever cards on them and, the next day, prompt you to swipe your card again to confirm. [Provided that Coin uploads suitable data to its servers...] In fact, using a Coin card could be a signal to fraudsters not to commit fraud against your card.
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 y…
There's been another company working on this for many years: http://www.dynamicsinc.com/ I've seen the working models, they are decent, but it's a surprisingly hard problem.
Also this: https://walla.by/the-wallaby-card
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...
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.
Two notes: 1) This can already be done using a simple stripe reader. 2) Coin can identify, investigate and proactively block anyone who has more than the average number of cards, so Coin actually seems well positioned to reduce fraud. Also, Coin could identify that multiple Coin cards have the same credit/whatever cards on them and, the next day , prompt you to swipe your card again to confirm. [Provided that Coin up…
http://www.baltimoresun.com/media/photo/2011-08/64038442.jpg
I've been on two internships in the valley, and despite the availability of Google Wallet, I couldn't find a merchant that would accept it (apart from McDonald's) because everyone was still using magstripe-only terminals. (There were even a few merchants at trade shows who were still using triplicate carbon-copy forms...!)
I think Coin is a product that makes sense for the US market right now as a transitionary product, and wouldn't be surprised if Google acquired them some time in the next year or so and rolled them into the Wallet product offering. When and if US merchants upgrade to chip-and-pin capable offerings, (almost) everyone who owns a Nexus device made in the last two or three years will be ready with unified wallet offerings that already exist.
