Dear Coin Community,
Ever since Coin was founded four years ago, our team has been driven to develop technology that makes payments more simple and secure. Today, we are pleased to announce that Coin’s wearable payments platform has been acquired by Fitbit (NYSE: FIT), the leader in the connected health and fitness category. The acquisition will include key personnel and intellectual property specific to Coin’s wearables payment platform.
Coin will no longer sell its line of smart payment products (Coin 2.0 has sold out). Your Coin product will work for the duration of its lifetime (the built-in battery lasts for 2 years without any recharging required). We recommend existing Coin users update to the latest version of the Coin iOS or Android mobile app.
Coin Rewards and the Coin Developer Program are being retired with this announcement. We understand that there may be questions, which is why we have created the FAQ below. You may also visit the Coin Support Center here.
It has been quite a journey and we want to thank all the customers, partners and team members who have supported Coin so far.
Kanishk and the Coin Team
- You can continue using it as you have been. Coin products will work through their lifetimes. The built-in battery is designed to last for 2 years from purchase without any recharging needed. Coin smart payment devices will still combine your credit, debit and gift cards. All product features will continue to function, with the exception of Coin Rewards, which is getting retired.
- Our Customer Support team members will continue to offer full technical support through our Coin Support Center.
- Coin products will continue to be protected by Coin’s security features (encryption, fraud prevention, Auto-Unlock, etc.). Accounts may be deleted by contacting Coin Customer Support.
- Coin will continue to honor its limited product warranty for up to one year from the date of purchase. For more information, please visit www.onlycoin.com/warranty.
- Coin 2.0 is sold out and there are no plans to produce additional units. The company has sufficient inventory to honor warranty claims.
- Please fill out your details here and our support team will check on your order.
What happens to my current Coin smart payment device?
How can I get customer support?
What will happen to my data?
Is my Coin product still under warranty?
How can I purchase new Coin products?
I have not received my Coin yet, where do I check the status of my order?
Expanding upon our initiative to bring convenient and secure payments to wearable devices, we're pleased to announce a strategic partnership with Visa and the launch of our Coin Developer Program with MasterCard support.
In a previous update, we shared our partnership with MasterCard to power payments in smart devices. Starting last week, we are officially partnering with Visa through the Visa Ready Program. By working with Visa and MasterCard, which comprise 82% of global payment network transactions, Coin provides payment expertise and technical resources to device manufacturers for easy integration of payment functionality.
Through our partnerships with MasterCard and Visa, we are now able to offer these payment solutions to wearable partners in the form of the Coin Developer Program. Through the Coin Developer Program, we make it easy for device manufacturers to implement secure NFC payments into their products. The Coin Developer Program provides the required software, hardware, certification, and security maintenance that is approved by MasterCard and Visa.
Becoming a member of the Coin Developer Program ensures that wearable devices are secure and compatible with all NFC enabled payment terminals. Some of our device partners, such as Chronos and Moov, have already started using the Coin Developer Program and had the opportunity to showcase their devices with payments powered by Coin at the 2016 Mobile World Congress.
We're making payments hassle-free for wearable companies through our 360° turnkey solution. Device manufacturers can start integrating secure NFC payments into their products by applying to join the Coin Developer Program here.
As Valentine's Day approaches, we want to acknowledge all the customers, merchants and partners who have supported Coin to achieve the success we have seen so far.
To celebrate this Valentine's Day, participate in our #CoinLove photo campaign. Share a photo for a chance to win a romantic prize pack of a Coin 2.0 and a $100 restaurant gift card to share with someone you love.
How it works:
2. Post a photo of someone or something you love on Twitter or Instagram and tag your loved ones. Include them in the caption “I love my (fill in)!”
3. Make sure to include the hashtag #CoinLove, so we can see your post.
4. We'll pick our favorite entries and announce the winners on Friday, 2/12 at 12PM PST.
The Valentine's Day prize pack includes a Coin 2.0 and a $100 restaurant gift card redeemable at more than 4000 locations from OpenTable. The campaign begins on Thursday, 2/4 and the lucky winners will be announced on Friday 2/12 at 12PM PST. We're giving away two prize packs, one for Twitter and one for Instagram, and more prizes throughout the week!
So what are you waiting for? Share the #CoinLove and join the celebration!
Campaign Name: #CoinLove. Campaign Period: Thursday February 4, 2016 – Thursday, February 11, 2016. Winners Announced: Friday, February 12, 2016. Age Requirements: Participants must be 18 years or older. Method of Entry: During the Campaign Period, post a photo of someone or something you love on either Instagram or Twitter from an account following @onlycoin-(Instagram) or @coin-(Twitter) and include the caption “I love my _____” with the hashtag #CoinLove. Every photo that you post with the necessary captions, hashtag, and follows within the contest period will count as an entry into the campaign. Participants can post to both Twitter and Instagram to increase their chances of winning the prize packs. Limit 5 Twitter and 5 Instagram entries per day per person.
Participants grant Coin, Inc. a worldwide, non-exclusive, royalty-free, sublicensable and transferable license to use, reproduce, distribute, prepare derivative works of, display, and perform the photos submitted as entries.
How Winner is Selected: One winner from Twitter and one winner from Instagram will be selected. Prizes and Approximate Retail Values: Each winner will receive a Valentine's Day prize pack that include a Coin 2.0 device and an OpenTable gift certificate valued at one hundred dollars ($100). Only valid for use in the United States. Prizes are not redeemable for cash. Employees of Coin will judge the contest. Submission will be judged on their creativity and originality. All decisions of the judges are final. Contact: Winner will be contacted via social media and/or email messages.
This Campaign is not sponsored, endorsed, or administered by OpenTable, Twitter, or Instagram. All entry data provided online is provided to Sponsor.
Thank you for your ongoing support of Coin. 2015 was a landmark year with the mass production launch of Coin and Coin 2.0. As we start off 2016 with new announcements, such as our partnership with MasterCard and wearable companies, here are some statistics and insights from 2015 that show how Coin is making payments more convenient, secure, and rewarding.
Expanding upon Coin's expertise, we’re excited to announce our partnership with MasterCard to bring convenient and safe payments to a wide array of fitness bands, smartwatches and other wearable devices. This collaboration builds upon the MasterCard announcement in October introducing the Commerce for Every Device program to enable any consumer gadget, accessory or wearable to become a payment device.
Atlas Wearables, which designs advanced fitness trackers, Moov, a personal fitness coach on your wrist, and Omate, maker of fashionable smartwatches, are the first set of companies to implement payment technology in their products using Coin's simple and secure Payment of Things (PoT) platform.
“The great thing about the MasterCard program is that we are adding payment functionality to items that consumers are already using – fitness bands, jewelry, clothing, watches,” said Sherri Haymond, Senior Vice President, Digital Payments, MasterCard. “This makes the products more useful for consumers and enhances the value device manufacturers can deliver to their customers. Coin complements that approach and enables us to reach an expanded set of device partners.”
Coin will provide hardware and software technology that is integrated with the MasterCard Digital Enablement Service (MDES) and can be embedded into devices to enable manufacturers to quickly and easily implement payment functionality into their consumer products. Leveraging the MasterCard Digital Enablement Express (Express) program, the addition of Coin’s technology simplifies commercialization and enables participating issuers to expand to a whole new category of devices.
Learn more about Coin's partnership with MasterCard here.
As Coin customers continue enjoying Coin Rewards, we're celebrating the holidays with a special campaign that gives back to your local community.
Donate A Toy With Coin And Get $10
The first 100 participants* in our #ToysWithCoin campaign will receive a $10 Amazon gift card.
From Dec 16th to Dec 21st, participate by:
1. Tweeting a photo of your Coin and a toy for charity valued at $10 or more.
2. Use the hashtag #ToysWithCoin so we don’t miss your tweet.
3. We'll email your $10 Amazon gift card once we verify your post.
Here's an example:
* Only one gift card per person but you can participate everyday. Campaign starts Dec 16th 2015 6PM PST and ends Dec 21st 2015 6PM PST or while supplies last. We’ll reach out by email to the first 100 qualifying users to coordinate gift card deliveries. Suggested places for toy donations include organizations such as Toys For Tots, your local fire or police station, and shelters or churches.
With more Coin devices getting used across the country every day (2.9 million payment transactions), we want to say thank you to our customers for the positive support (4.5 stars in the iTunes App Store), especially those who have been patiently supportive since we debuted Coin 1.0 in April 2015. Coin 2.0 (launched August 2015) was created to provide even greater convenience, security and rewards with enhancements such as nicknames, EMV-over-NFC and cash back for everyday purchases. As we’ve developed the infrastructure that powers Coin, and added product improvements over the past two years, we have established expertise in simple and secure payments for connected devices. Starting in 2016, we will extend our payment expertise to the Internet of Things (IoT) through Coin Pay. Coin Pay will give device partners (i.e. makers of fitness trackers, jewelry, and smartwatches) access to a turnkey payment solution while offering financial institutions a streamlined way to manage industry compliance. Whether through Coin products or those of a wearable partner, we look forward to making simple and safe purchases accessible to everyone.
We are happy to see that Coin 2.0 is working well for our customers. Across a variety of cards and point-of-sale (POS) terminals, the compatibility rate averages 80%+ and improves with each day. That said, we understand that 80% compatibility may not meet everyone’s needs. Our goal with Coin 2.0 is not to replace your wallet, but to improve upon it by making it slimmer and smarter. Carrying a Coin 2.0 device and a backup card is much lighter than a handful, or dozens, of cards.
The surge of enthusiasm Coin received when we first announced our concept was both exhilarating and overwhelming. We didn’t anticipate the high levels of demand, which led to production delays. We know that some of our supporters have been disappointed, and angry, from the negativity expressed towards Coin online. Customer satisfaction is our priority so we have been working hard to build trust and are now on track to complete any backlog by year’s end. To check your status, please fill out this form and receive a reply within 24 hours.
Now having shipped over 215,000 units directly to customers, in addition to launching on Amazon and Best Buy, we are glad to see people share their satisfaction with Coin 2.0. On our community wall, individuals across the country have been showing how they are enjoying Coin. Here are a few recent examples:
We also appreciate the positive reviews that we are receiving from the community on both Amazon (4 star average) and the iTunes App Store (4.5 stars):
Thank you to our customers who have trusted Coin to facilitate $272 million in purchase transactions so far. We take security seriously with measures such as Auto-Unlock, Last Known Location and ID verification. All this is so that nobody else can use your Coin device. Coin 2.0, which launched at the end of August 2015, also allows for card nicknames on the display.
With the recent announcement of Coin Rewards, we continue to add value for our customers. Coin Rewards is a program that gives cash back for everyday purchases like coffee or dining out. The more Coin Rewards a customer earns with Coin, the more a Coin device pays for itself.
We understand that our customers expect fast progress, and we also demand it of ourselves, which is why we already have our next product enhancement in development. Predictability will minimize surprises when paying with Coin. As Coin continues to improve compatibility, that means even greater consistency at the millions of merchants where Coin already works well.
Coin’s technology prepares our customers for the new world we live in today, a world of greater connectivity. The Internet of Things (IoT) refers to how physical objects can share information through the Internet, creating greater efficiency and convenience. The IoT thrives because it has so much to offer customers. For example, if your refrigerator knows that you are out of milk, it could send a reminder to your phone to buy another carton.
Coin is full of makers and gadget geeks so we have accumulated many wearables in the office. According to the 2014 Nielsen U.S. Digital Consumer Report, Americans own four digitally connected devices on average. As an industry, the wearables market is projected to grow from $13 billion to $53 billion by 2019. That said, IoT devices are not yet at the ubiquity level of phones. For that to occur, device manufacturers will need to move beyond single functionality.
We are aware that some have said that Coin 2.0 will lose relevance over time because it is “just” a card, which is “going away.” Like how cash is still in use, we do not believe cards will become obsolete anytime soon. But the larger point is getting missed, which is that Coin is an IoT company. As Coin continues selling our smart payment devices, we will also build upon our expertise in payment technology because IoT devices are moving from elective budget items to important purchases (just like how smartphones have become vital to so many people).
We’re pleased to announce Coin Pay, a turnkey solution that is platform and operating system (OS) agnostic to enable simple EMV-compliant payments across all IoT devices. Coin Pay makes 3.5 years of our financial investment and R&D learnings available to partners. This solution offers baked-in compliance through our hardware developer kit (HDK) and software developer kit (SDK). To participate, please email firstname.lastname@example.org.
We are making sure that Coin Pay is approved from financial institutions to meet their rigorous standards of certification. The financial institutions can reliably manage compliance control through Coin. And, they also get a seamless way for wearables makers to provide banking products to their customers. Intelligent Environment’s survey of 2000 people showed that 46% of 31-40 year olds said they would prefer to bank with wearables.
For customers, device manufacturers and financial institutions, this all means on-demand purchases as needed. If someone goes running and is only wearing their Coin Pay integrated fitness band, they could buy a bottle of water, even without their wallet. That is just one scenario for how Coin Pay enables payments across IoT devices like wearables.
We’ve seen from merchants and consumers alike that the transition to new payments technology will require a learning curve. Both today with Coin 2.0 and moving forward with Coin Pay, Coin believes that everyone should have freedom of choice in paying how, when and where they want.
Just in time for the holidays, Coin 2.0 is now available for purchase at Best Buy® stores nationwide and online at bestbuy.com.
Buy At Your Convenience
Starting today, you can walk into a Best Buy store and check out Coin 2.0 in our newly updated retail package. Customers can also take advantage of bestbuy.com's convenient shipping options including expedited 1 day shipping and in-store pickup for your instant stocking stuffer needs.
Q: What is the shipping time for Coin 2.0 orders from bestbuy.com?
A: If you order a Coin 2.0 on bestbuy.com, you can expect delivery from Best Buy within their standard shipping methods and times (Standard, Expedited, Express). You can also choose in-store pickup.
Q: Can I purchase a Coin 2.0 as a gift on Best Buy?
A: Yes, to purchase Coin as a gift, simply enter the recipient's shipping address at checkout. When the recipient receives their Coin 2.0, they can register their information through the Coin mobile app.
Q: I ordered a Coin 2.0 on onlycoin.com but haven't received it yet. What is the status?
A: Coin 2.0 began shipping at the end of August to pre-orders who completed the checkout process. To receive a Coin 2.0, you must confirm/verify your current shipping address. Please fill out this form if you need help.
Secure, Convenient, Rewarding
At Coin, we are driven to provide our customers with security and convenience in their purchases. In our previous post, we showed the benefits of Coin 2.0 as a smart payment device that is compatible with both magnetic stripe and EMV/NFC systems. Today, we’re excited to announce the Coin Rewards program, which gives cash back for everyday purchases.
Now available on the latest iOS Coin 2.0 app, Coin Rewards enable earning for everyday purchases like coffee. Simply activate the reward you want, pay how you usually do, and immediately receive cash back in the form of gift cards.
Unlock more rewards when you order Coin.
With Coin Rewards, Coin pays for itself.
Coin Rewards For Everyday Purchases
From buying morning coffee to eating out with friends, Coin users have made over 2.5 million transactions. Based on the successful experiences people are sharing with us, we are building Coin Rewards to support the fun lives that our customers lead with a patent-pending intelligent method.
Coin Rewards is a nationwide program with rewards available based on your location. Examples of Coin Rewards in the Bay Area include $5 for purchasing coffee or dining out at any restaurant. Additional Coin Rewards will roll out in the coming weeks and months.
To see your Coin Rewards, make sure to update to the newly released Coin 2.0 app and look for the cash symbol at the bottom of your screen. We are working on bringing Coin Rewards to our Android app as well.
If you don’t have a Coin yet, you can order your Coin 2.0 now. Order by November 25th to receive by Christmas!
Starting today, Coin 2.0 is now available for purchase on Amazon Launchpad. Ordering Coin 2.0 is an easy one-click to your Amazon cart, and if you have Amazon Prime, you can take advantage of Amazon’s free expedited shipping. Purchasing a Coin 2.0 now through Amazon Prime means that you will get a Coin in your hands this week.
To celebrate our selection in Amazon Launchpad’s innovative program for cutting-edge products, we are releasing a new video on our Amazon product page. Visit our Amazon page to watch three of Coin’s users describe how Coin simplifies their lives. We look forward to providing the same value to even more people through Amazon Launchpad.
Q: What is the shipping time for Coin orders from Amazon?
A: If you order a Coin on Amazon, you can expect delivery from one of Amazon’s nationwide distribution centers within Amazon’s standard shipping time. Prime customers can receive free 2-day shipping.
Q: Can I purchase a Coin as a gift on Amazon?
A: Yes, to purchase Coin as a gift, simply enter the recipient's shipping address at checkout. When the recipient receives their Coin, they can register their information through the Coin mobile app.
Q: Where is my Coin that I pre-ordered from the crowdfunding campaign?
A: Coin 2.0 began shipping at the end of August to pre-orders who completed the order process. To receive a Coin, you must confirm/verify your current shipping address. Please fill out this form.
October 1st, 2015 marked the beginning of a nationwide shift in the payments industry towards EMV (short for Europay, Mastercard, Visa) adoption. EMV is the latest security protocol for payments designed to reduce fraud.
If you’ve recently received a new credit or debit card from your bank with a chip on the front, that is part of the EMV transition.
Here’s what changed as of October 1st:
- Merchants that continue to accept magnetic stripe transactions are liable for fraudulent charges if the customer possesses an EMV chipped card.
- If the merchant has upgraded to an EMV capable system, but the bank has not updated the card issued for EMV compliance, then the bank is liable for any fraudulent charges.
Chip-based EMV is what you see on credit cards today, while NFC based EMV is a standard for mobile phones and other devices. This new standard has been implemented in other secure payment solutions such as Apple Pay. Even though Coin 2.0 has the form factor of a plastic card, Coin is a mobile device.
Coin 2.0, which is EMV-ready via NFC, started shipping at the end of August. As a reminder, all users of Coin 1.0 that have opted-in and verified their current information with the company will receive a complimentary upgrade to Coin 2.0.
In the coming months, Coin will release a series of OTA (over-the-air) software updates to comply with evolving EMV standards and improve merchant compatibility. As merchants upgrade their POS (points of sale) terminals to support EMV via chip, they will also start accepting EMV over NFC. For example, if you’re a small business using Square’s newest reader, it doubles as a contactless and chip reader.
Stores such as Bloomingdale’s, Whole Foods, and Peet’s Coffee have already adopted Tap-To-Pay NFC systems nationwide. You’ll start seeing more merchants with the contactless symbol, which means you’ll be able to pay quickly and more securely just by tapping your Coin 2.0 at the point of sale.
Coin is committed to being the leader in developing technology that makes purchases safer and simpler. Merchants will continue to accept transactions through magnetic stripe as the transition phase of EMV will take months, if not years, given the hundreds of millions of credit cards and POS terminals in existence. With Coin 2.0, consumers have the option to use either magnetic stripe or Tap-to-Pay NFC, providing the assurance and convenience to pay throughout the EMV transition period. EMV over NFC is just another step forward and we are excited to share more developments in the coming months.
As we continue shipping Coins, users are sharing their stories of how Coin is simplifying their lives in an exciting way. Here is one of our favorites so far.
We asked NYC filmmaker Oscar Boyson to capture how Coin fits into his busy life. Here is his story:
Buy Your Lunch With Coin And Get $5
The first 100 participants* in our Twitter lunch campaign will receive a $5 Amazon gift card.
From Sep 24, 2015 9AM PST to Sep 30, 2015 6PM PST, participate by:
- Tweeting a photo of your Coin and the lunch you purchased.
- Alternatively, take a photo of your Coin and your restaurant bill.
- Mention @coin so we don’t miss your tweet.
- Here's an example:
* Only one gift card per person but you can participate everyday. We’ll reach out by DM to the first 100 qualifying users to coordinate gift card deliveries.
Coin Embraces EMV - Now Shipping Next Generation Product with “Tap to Pay” NFC
- FREE UPGRADE TO COIN 2.0 FOR ALL USERS-
SAN FRANCISCO – (August 26, 2015) — Today Coin, the first-to-market connected device that makes mobile commerce simple and secure, announces that it is now shipping a second generation device that is EMV-Ready incorporating NFC technology, giving consumers the ability to transact securely with both contactless and swipe payment systems.
All customers that have already received a Coin are eligible for a free upgrade to Coin 2.0 by claiming it in the latest version of the iOS and Android mobile apps. Customers that have not yet received a device, as well as anyone that purchases a Coin before the end of the year, will be upgraded automatically. Each customer can view their ETA in the mobile apps or inquire through our website.
Coin 2.0 devices are shipping today with NFC technology in Early-Access-Mode (See Q&A for more details) as the company finalizes integration with the necessary financial institutions in the coming months. Customers will be able to enable EMV compatibility through an over-the-air software update.
“We've worked hard to deliver ‘Tap to Pay’ NFC-enabled Coins and are pleased to be able to be shipping these as of today, including upgrading all existing customers at no cost.” said Kanishk Parashar, CEO of Coin.
We are currently working on partnerships, new features, and improvements that will enhance Coin 2.0’s compatibility with more point-of-sale systems and bring additional valuable functionality to consumers. The next generation of Coin’s new features include the ability to nickname your payment cards and a better electronic stripe that has improved performance at gas stations. Having the option to nickname a payment card was the number one most requested feature by customers, therefore Coin 2.0 will allow users the ability to give each card a 4-character label--such as ‘BofA’ or ‘Work.’
Coin 2.0 Q&A:
Q: When will Coin 2.0 be available?
A: If you are an existing customer that has received Coin 1.0, you can sign up for a free Coin 2.0 upgrade in the Coin mobile app by going into Settings. Coin 2.0 upgrades will ship in Q1 2016.
If you are an existing customer that HAS NOT received a Coin, you have been automatically upgraded to a Coin 2.0 and may check your delivery ETA in the Coin mobile app via the Settings menu or through this shipping inquiry form.
If you are a new customer that purchased Coin on or after Aug 26, 2015, you can expect Coin 2.0 to ship in Q1 2016. *Oct 6, 2015 UPDATE* You can now expect new Coin 2.0 orders to ship in November 2015.
Q: How does NFC Early-Access-Mode work?
A: Coin 2.0 will ship with Early-Access-Mode LIVE. Customers will be able to transact with “Tap to Pay” NFC with select payment cards. The mobile app will clearly outline which payment cards are eligible.
Q: How is Coin 2.0 improved from the first version?
A: Coin 2.0 incorporates NFC technology along with a variety of new features, such as:
- Ability to give payment cards a nickname that appears in the app and on Coin 2.0’s e-paper screen
- An improved electronic stripe that performs better at gas stations and other merchants
- Over-the-air software updates that will add EMV capabilities and new features, keeping Coin future-proof
- A display that is twice as fast
- A form factor that is thinner than older Coins by up to 8%
Q: Why does Coin 2.0 use NFC instead of “chip and pin” technology?
A: EMV over NFC, known as "Contactless EMV" is the future of EMV- compliant payments, and is also used by Apple Pay and Android Pay. Coin 2.0 will be able to make EMV-compliant payments with NFC that are even more secure and convenient than "chip and pin" transactions.
Q: How will “Chip and Pin” plastic cards work with Coin?
A: Coin 2.0 will support "Chip and Pin" cards via “Tap to Pay” NFC capability. The mobile app will clearly outline which payment cards are eligible. As the USA merchants upgrade to Chip and Pin, they will also simultaneously upgrade to “Tap to Pay” NFC payments.
Q: When will the over-the-air update happen for Coin 2.0 to be EMV compliant?
A: We will keep customers informed as we complete partnership agreements with various financial institutions.
For more information about EMV and NFC check out our Support Center.
We'd like to begin by saying thank you to those of you who’ve been patiently waiting to receive your Coin. We are very pleased to report that we’ve scaled our production to ship over 80,000 Coin devices in the first four months. Shipping, however, is not without challenges - recently, super-typhoon Soudelor closed our Asia-based factories for several days. Unfazed, our manufacturing team worked day and night to ensure that we continue to deliver Coins as quickly as possible to our backers. If you are waiting for your Coin and want to check the status, please message us here.
What really keeps us going and excited is seeing how our customers engage with our product:
We’re continuing to improve Coin every day. While Coin is compatible with a large number of payment systems, it is not compatible with some. In the interim, we’re launching a new Merchant Compatibility feature that will notify users if the location is known to not be compatible with Coin. We will continue to enrich the data in this system and also enable our users to provide their own feedback on merchant compatibility as well. We understand that giving users visibility and informed choice on where to use their Coin is critical. The Merchant Compatibility feature is already rolled out in updates to the Coin app on both iOS and Android.
Another step towards closing the gap on merchant acceptance is improvement in how Coin can be read across additional POS terminals. Our team is already hard at work to get acceptance to new heights in 2016. We'll provide an upgrade path to our customers as we improve our software and hardware.
We want to end by again thanking you, our users, for your patience and support questions as we deliver Coin. Based on your feedback, the team is developing improvements and releasing new features. We will have another update next week with some exciting news.
Coin began as one of the largest crowdfunding campaigns in history: customers pre-ordered nearly 350,000 units in less than two months. For context, that is nearly triple the number of iPods sold in its first two months. We were humbled that so many people were excited by our vision, and also by the formidable challenge to deliver to your expectations — and ours.
Our team — then just seven employees — worked day and night to fit a variety of components (an electronic stripe, battery, Bluetooth radio, e-paper display, and more) into a device the size of a credit card (less than 1mm thick). One year, 42 test design iterations, and 100,000 beta test transactions later and we are delighted to be manufacturing and shipping the first Coin devices.
The journey took longer than we expected, but we never wavered from our goal of delivering a product of exceptional quality. Our beta program proved that Coin stands up to the demands of real life: in your wallet, in your pocket, in the cold, in the heat. (Though we don’t recommend it, one beta tester even put his Coin through the laundry — twice — and it still worked afterward.)
Today, we have begun manufacturing Coin devices and delivering them to you. Given the sheer volume of units, it will take several months to fulfill all of the pre-orders even at full production capacity. Please know that we will be fulfilling orders as fast as humanly possible.
You can expect Coin to work in millions of locations, including corner stores, restaurants, ATMs, grocery stores, and big-name retailers. Every month, we improve compatibility in more and more places, but it is not 100% yet. For example, a small percentage of merchants use payment systems that require your name in addition to your credit card number. Coin does not transmit the name on your payment card and machines at these locations will not accept Coin. Learn more about Coin compatibility at our Merchants Center.
We are acutely aware that we are delivering Coin behind our original schedule, and we are extremely grateful for your patience and support. We made it this far because of you and we are so excited to have you as a part of the Coin Community. But if you have decided you no longer want your Coin, you can get a refund here. If you stick with us a little longer, we think you will find the wait has been worth it: Coin simplifies your wallet, and by doing so, simplifies your life. And, as our beta users saw, there’s a bit of magic that happens when people see it in action for the first time.
We started as a small team of seven people working to build what many have called a universal card. When we introduced Coin, a connected payment device that contains all of your credit, debit, gift, and loyalty cards in one place, we were blown away by the demand -- over 20,000 orders in the first six hours. We have been working tirelessly ever since to deliver you Coin. We’ve grown the Coin team to 33 full-time employees who are singularly focused on delivering a product you will be proud to own.
Because nothing like Coin has been done before, we’ve had to design, from the ground up, machines that build the custom parts that make up Coin. We’ve developed and manufactured custom components at scale with international partners and supply chains that span across three continents and four countries.
While we know many of you are still waiting, we wanted to share just how close we’re getting to delivering Coin. These are some things we’ve done to make sure Coin works for you:
• We tested over 200 unique card readers and POS (Point-of-Sale) devices representing the vast majority of deployed merchant systems.
• We ramped up our customer support team with a new Support Center and driven our average response time down.
• We delivered Coin to a San Francisco Bay Area Beta Program where we collected valuable feedback that validated Coin's POS compatibility and merchant acceptance. To date, we've seen users pay with Coin at over 4,000 distinct merchants.
• We are now shipping Coin Beta, a pre-production version of Coin, that allows us to incrementally introduce Coin to real-world customers across the United States. We experienced huge demand for the beta program and were only able to accommodate 15,000 customers -- a small percentage of people who expressed interest in participating.
We began shipping Coin Beta in November and continue to ship Coin Beta in batches to the 15,000 users who are a part of our Nationwide Beta Program. Each new batch release of Coin Beta comes equipped with the latest improvements based on customer feedback. By shipping Coin Beta in batches, our internal teams are learning how to improve our software, product, manufacturing, and fulfillment processes for general availability in Spring 2015. From user-submitted feedback, we've seen Coin Beta accepted at local merchants, ATMs, gyms, national chains like McDonald's, Trader Joe's, Rite-Aid, CVS, and many more.
Coin was built by our customers and continues to be refined by our customers. Everything from product packaging to customer support has been influenced by you. We know you are waiting; our team is working hard to fulfill our only mission - to bring you Coin.
With our thanks,
Kanishk and the Coin Team
An initial look at what our users are saying: