Coin today announced a couple of new features that address some security concerns surrounding its new digital wallet. Several issues have been discussed since the card launched last week, including using the wrong card to make a purchase, and what to do if your phone dies. The Coin digital wallet app on your smartphone will now let you lock the current card if it gets too far away from your phone, preventing the selected card from being changed. If your phone battery dies, Coin will now let you enter a code to un-pair the card from your device. This will turn off the message notification feature built in to Coin. The company has also added an alarm that will sound when the card has been swiped multiple times in a short period of time. Users can customize the number of swipes in the smartphone app.
Coin announced the new digital wallet on the 14th of November. The wallet is a credit card-sized piece of plastic that can replace up to 5 credit or debit cards.
"Coin works with your debit cards, credit cards, gift cards, loyalty cards and membership cards. Instead of carrying several cards you carry one Coin."
In less than a week, Coin has already surpassed its initial pre-sale goal. By working with your debit and credit cards, as well as loyalty cards and other programs, Coin aims to replace some or all of the cards in your wallet. You start by scanning your credit, debit, and other cards into your Coin. Then you can switch between them using a single button on the Coin device. It makes carrying multiple payment options very simple.
Coin has also answered some questions in their online FAQ section. Some of those questions surround another person trying to use your Coin without your knowledge. Coin prevents this from happening by matching the data stored on the digital wallet to the info in your smartphone app. If that information doesn't match up, you won't be able to add new cards to Coin. Overall, the wallet solution has received high praise and positive reviews across the internet. For a limited time, early adopters can purchase their Coin digital wallet card for $50. Regular price will eventually go up to $100 per Coin. Units are expected to ship in the early part of 2014.