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.