The idea and implementation of Google Wallet has been a
popular topic lately.After the release of Googles virtual wallet Google also
decided to release a physical card, which you can load a debit or credit card
onto and use it in conjunction with your virtual Google wallet and app.
The problem with only carrying a virtual wallet is, what if
your phone dies or you drop it and the screen cracks? You would have no access
to money at all. Technically you will always have to carry your wallet on you
even with the virtual wallet. Maybe thats why Google came out with the
physical card? With Googles card you have to fund it with an actual credit
card or your checking account. The card is powered by MasterCard and currently
can only be used in the US. Adding features like NFC and EMV can help this card become more useful for
consumers.
So youve probably heard of Google wallet and their new
card, but have you heard of Coin yet? Its
am interesting startup thats been generating a lot of buzz around the Internet.
Coins goal is to combine all of your cards into one single smartcard that can
be used like a normal debit or credit card.
Coin uses Bluetooth to communicate with your smartphone via
an app. Using a card reader (Similar to Square), you can swipe up to 8 cards
onto Coin and the app stores unlimited cards. Coin has a small button and LCD
display screen on it, which allows users to cycle between cards. Coin can be
locked before handing it off to a waiter or clerk for payment. It will also
alarm you if it is swiped multiple times. One of the coolest features is
probably the ability for Coin to alert you once its out of your vicinity and deactivate
itself after a period of time predetermined by you. Coin also has plans to be
fully functioning globally with Europay, MasterCard and Visa. Keep in mind
there is an introductory price for Coin though.
While these cards are innovative and seemingly more advanced
than the virtual wallets and cards weve seen to-date there are some security
questions regarding fraud. A fraudster can potentially buy Coin and load all of
their fraudulent cards onto it for easy transactions. Is there a feature that
verifies and authenticates one user per Coin? Without that step in the setup
process criminals could put many different cards onto one Coin for easy access.
Current and future payment cards like these need to have an in-depth account
establishment process to verify users
identities with their cards from the get-go so that a criminal isnt taking
advantage of these technologies.
Would you use Google wallet, their card or Coin? Connect
with us on Twitter and tell us what you
think.
[Contributed by EVS Marketing]
