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.