Coin isn't trying to replace the physical wallet with a digital one. Instead it’s trying to reduce all of the credit, debit, gift and loyalty cards that clutter up our wallets to a single piece of plastic.
Coin stores all your credit, debit, gift, membership or loyalty card data inside it, so all you need to carry with you is the one Coin card and you automatically have all your cards with you, inside it.
Coin looks and works exactly like a credit or a debit card. You add your card information to it using the mobile app and a free accessory they provide. You connect the accessory to your phone and then swipe your current cards through it. The accessory transfers the card data to the phone app and saves it there. Then you take a photo of the card to help you identify it. The app then transfers the card data to the Coin. The app can hold an unlimited number of card data but Coin itself can store up to eight.
When making payments, you just choose the card you want to use from the button on the Coin card and it shows you the card name on the small display. Then you swipe it the same way as you would a normal credit or debit card. Because Coin masks itself as any other card, it can work anywhere where all those other cards do.
Coin also pairs with your phone so if you accidentally forget the card behind (and thereby goes out of the range on your phone), your phone will show a notification alerting you about it. Coin also uses 128 or 256 bit encryption for all storage and communication with the app and servers. If you lose your Coin, it will deactivate itself after a preset time that you can choose from the app.
Coin is currently up for pre-order for $50 ($100 eventually) and will start shipping in Summer 2014 in the US.
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