Erm... what problem is this solving? Is having multiple cards in your wallet really a problem that requires such a convoluted solution?
Sorry, but I really don't see what this is saving me/doing for me? Whats the problem this solves?
Coin
611–620 of 720 posts
Re: Coin
#612Earlier quoted context omitted.
You can already steal credit cards really easily. When you hand your card to the waiter, there are machines that will save that number and you can write it to a blank card easily. They can also jot down your security number. This might make it marginally easier, but it is on one service and tracked.
I have a question - why is the guy in the video giving the card to waiter? What he is gonna do with it, he doesn't know the PIN number to charge it. Or in USA you can charge without PIN? Besides if he can just charge without PIN he also can just push button on the card to charge whatever account he wants, doesn't he?
That is exactly the entire problem with credit card payments, online or elsewhere. Too often it relies on just the number, just the mag strip, possibly with other information that is _right there on the card_ (like that stupud CVC). This is totally insecure, and yet everybody keeps using it.
Dutch electronic payment (online or otherwise) always relies on "something you have" + "something you know" (which is secret and not shared with anyone ever). It's not airtight, but it's a lot safer than relying just on "something that can be stolen".
I'm still constantly appalled and amazed at US/international online payments relying on something as outdated and backwards as just a string of numbers and some other public information.
Re: Coin
#613Earlier quoted context omitted.
What about bars? A lot of bars I go to hold onto your card until you tab out. I'd hate to keep getting notifications about losing my card every time I'm out on the town. When you go back up to the bar, they ask what your name is to tab out. I didn't see anything on the Coin to do that. I also wouldn't want the bartender to press the button and change to a business account or something similar. I'm not being a hater,…
Wow! Is that common in the US? I've never seen that here in EU. And I go to bars A LOT!
I'm pretty sure every bar in the US does it. That said I go to bars all the time and rarely open a tab.
Re: Coin
#614SUPER 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…
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…
For Debit cards payment scheme's are already joined on 1 EMV chip. The terminal configuration decides which one is used. To join issuers on 1 card I agree cross-bank cooperation will never happen.
Credit cards are divided by payment scheme's. Banks just issue cards for 1 of the scheme's eg. Mastercard or VISA, ... don't think Mastercard. In this field I don't think Mastercard will want their competitor on the same card. Even technically it's not so easy to implement for a payment processor (I work for a payment processor).
Re: Coin
#615oh wow. Just a month ago I and a couple of colleagues were talking about this very idea and that this would be a great startup, though we dismissed it because none of us had any experience in this field and we were afraid of possible legal issues.
It's great to see that someone actually brought this to life!
Re: Coin
#616As a European: Chip and Pin?
Re: Coin
#617What problem does this solve? After watching the video, their value proposition is: "my wallet is filled with cards, too many" - i.e. using one card instead of a few. Is it gaining popularity because of the technology, or because we're addicted to gadgets like this one?
Re: Coin
#618I am asking to learn.
If I have to use this card, do I also have to have my cell phone with me all the time? If I go downstairs to get a Bagel in the morning, I need to take my phone, or else no Bagel for me? And it seems from the "Iphone will alert you using Bluetooth" facility, that I need to have Bluetooth on all the time, which I normally do not, to save battery life (adds an hour or so on my Iphone4). To me this is a functional gridlock.
Does it also need to be connected to some data network or the other to work?
If I lose this Coin card, then is it same as losing all my cards? If my assumption is true that this needs to be paired with a phone always, then will it not be possible to nullify the card, using the app on the phone, in case I lose the Coin card?
Thanks
Re: Coin
#619I've always thought that the real solution for the "too many cards" problem is to get all credit card companies to agree on a card-less payment protocol that anyone could implement on any device. (And in the process, make all the transactions a lot more secure by using modern cryptography.)
Alas, I'm afraid that kind of disruption cannot be brought forth in a market context...
Re: Coin
#620Earlier 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?
My girlfriend's family wanted to rent bikes at Blazing Saddles in SF and the cashiers there threw a big fit when they realized her card wasn't imprintable. They wouldn't photocopy it or write the number down, they just flat-out declined the business.
Off-topic, but they should have gone to http://thebikehut.org/ : the guys are lovely, the bikes are great, and you only need to give your name and passport number (that they don't even check) before renting a bike. That's right, no deposit. I paid by cash when I brought the bike back at the end of the day. Amazing trust.