Coin is a mobile wallet that comes with a physical, electronic card and connects with your Apple or Android phone via Bluetooth. The electronic card has both a magnetic stripe and an NFC chip, which means that after you load your credit and debit cards on it, you can use it on most old and new terminals. This dual technology makes it possible for you to use it at most of the places you can use your original credit and debit cards.
Because the digital wallet is a physical card with a magnetic stripe, you can even use it at ATMs and self-serve gas pumps, which is a unique ability amongst mobile wallets. Although Coin doesn’t have an EMV chip embedded into it, it’s equipped with NFC technology and should work with most of the new or upgraded EMV card readers. However, if a merchant’s EMV-capable terminal doesn’t accept contactless NFC, you should be able to swipe Coin through the mag stripe reader.
Coin is estimated to be compatible with 80 percent of terminals, which is impressive for mobile wallets, though you may still want to carry a backup credit card with you. In addition to holding your credit and debit cards, you can also add your loyalty cards and membership cards to Coin.
Like a traditional credit card, loss or theft is the biggest security concern with Coin. In order to reduce these risks, Coin automatically locks after each use and when it’s out of range of your phone. The mobile wallet app on your phone tracks Coin’s last known location, which can help you find it if you accidentally leave it at a restaurant or a store. Another security feature is the display as only the card brand, last four digits and expiration date are shown on the card.
Coin’s ability to store multiple cards on a single electronic card can save space in your physical wallet, and Coin’s additional security features can give you peace of mind. However, the electronic wallet is somewhat expensive, costing $99 to purchase the device.