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Coin
451–460 of 720 posts
Re: Coin
#4520_0 This is one of the worst ideas I've ever seen. Yes, let's put all of my cards in one card so that if it's stolen, then all of my cards are gone. @#$%^ing brilliant!
Re: Coin
#453It's a neat concept, but I just don't think this gets anywhere. Dead in the water - as much as I would personally like to see them succeed. The biggest problems here are security. () Merchants will hate it since there is no physical imprint / swipe of the bank-issued card. This will lead to chargebacks in favor of the customer. So this alone kills this company/product. () Banks might change their terms forbidding cus…
"So in essence, this is geared towards a micro-niche of tech savvy SF/NY/LA crowd."
I disagree. I sent the Coin video to my technology phobic parents in the midwest. They are hesitant to use most smartphone apps and online banking but they were really excited about Coin and could see themselves using it. It really appeals to them that 1) it's only slightly more complicated to use than a regular credit card (whereas, say, online banking requires you to learn a relatively elaborate user interface) and 2) keeps them from having to actively worry about leaving a card or wallet behind.
When you make a user interface a slight variation of something the user is already very familiar with, you can draw in the less tech-savvy because it's less intimidating. It's the same reason why my parents are avid Dropbox users but it's hard to get them to try new web apps.
Re: Coin
#454Earlier quoted context omitted.
From the FAQ: "As an additional safeguard, the Coin app will only allow you to add cards you own." So it sounds like if the name doesn't match, it won't work (you have to take a picture of the front).
Except that names aren't required to match on credit cards. For instance, my wife is an authorized user on my card. Her signature is on the back, my name is on the front. Similar situations abound for business use cards.
The company card I used had my name on it, as for all other cardholders; and cards with wrong gender are treated in shops as unacceptable if they notice, though in 90% cases they don't, unless if it's a large purchase and they want ID.
Re: Coin
#455Earlier quoted context omitted.
I don't know why the US hasn't adopted EMV. It's not perfect, but it has cut down fraud massively here in Europe. They're very hard to clone (I won't say impossible, but attacks against EMV have not generally been of this nature) and the transaction records at both ends will tell you whether the actual, real card was there. The liability is more clear-cut as a result. If the customer claims the charge was unauthorise…
As a Brazilian, I think the US banks are very strange. "Swipe" cards have been phased out years ago - you'd have to try hard to find a bank which will still issue one. Specifically because you can no longer find ATMs which rely solely on the magstripe. Some banks have biometric fingerprint readers (where you put in your hand and it reads multiple fingerprints at the same time) in addition to the PIN code of the debit…
Very interesting, thanks for sharing.
You hit on something though; in the U.S. there are tens of thousands of ATM machines all over. They all accept PIN numbers, and I "believe" magnetic-strip as well (not sure if they're doing fancy stuff too with built-in chips or not). It's the standard that everyone uses; debit card and credit cards alike.
To change that to support different tech, you'd have to upgrade all of the ATM machines, all of the credit cards, and all of the backend tech. That's a lot of coordination between banks/credit-card companies. On top of that you have POS systems in stores which are all magnetic-strip based as well, accepting PINs and/or signatures.
Any sort of switch would have to be phased-in over years and require a lot of buy-in. Unless retailers, banks, ATM providers, and credit card companies have a good business case to do so, they probably won't.
I'd imagine it would be easier for some other type of technology which displaces cards entirely, like phone-based payments, would eventually replace all of this. An idea like Coin augments the current "archaic" system and has the potential to take off. But outside of the U.S. it sounds like it won't work without modification.
Re: Coin
#456Earlier quoted context omitted.
Many credit card companies are starting to issue new cards which are completely flat, making it impossible to make imprint. My new CapitalOne card is an example of this. Is your company planning on refusing to do business with them?
Imprint was just an example. You can take a picture of it, view the CVC, etc. No one imprints anymore.
> No one imprints anymore.
that's not true at all; have you been outside of any major city in america?
Re: Coin
#457Earlier quoted context omitted.
The entire smartphone industry for the last five years has been driven by people paying hundreds of dollars to make their phones a few mm thinner. Why not their wallets? This isn't for your ATM card or your driver's license, it's for those random cards that you either never carry or fatten up your wallet.
I think a lot of that has been driven by the fact that your new phone is faster _and_ thinner. If it wasn't both, I have my doubts that people would always pick the thinner option. The large screen android options of recent years show that size isn't a trump for everyone.
Not to be pedantic but there's actually a fairly recent example of consumers choosing style over substance: the motorola RAZR.
Just saying...
Re: Coin
#458With any luck, this will piss off the banks/CC companies enough to finally roll out chip+pin in the US.
Uh, why would we want chip+pin in the US?
Pretty much no-one accepts swipe-only cards in the UK,because they are a massive source of fraud, pin+chip is a lot more secure and results in a very,very,very few chargebacks for the merchants.
Re: Coin
#459Re: Coin
#460SUPER clever idea -- kudos for that. In theory, this is awesome. As a consumer, I love it. As a merchant, however (which I am), there is no chance I would accept this. None. Unless the issuers (that is, Visa, MC, Amex) drastically change their policies, which I don't see happening anytime soon. Why? Because the issuers are very clear about a few things: When push comes to shove and it REALLY gets down to it, unless t…
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