Announcing Coin 2.0

Announcing Coin 2.0

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.

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.

 

Coin Update: First Four Months of Shipping

Coin Update: First Four Months of Shipping

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.


The Start of Mass Production

The Start of Mass Production

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.

Kanishk, Founder

Welcome to the Coin Blog

Welcome to the Coin Blog

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.

Beta testers are paying with Coin all over the country with a concentration of users on the coasts. Over 334 cities have had a Coin transaction.

Beta testers are paying with Coin all over the country with a concentration of users on the coasts. Over 334 cities have had a Coin transaction.

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: