Coin

Coin, founded in 2012 by Kanishk Parashar, emerged from the Y Combinator accelerator program with the goal of simplifying the consumer payment experience. Parashar, who previously worked at PayPal, sought to solve the problem of overstuffed wallets by creating a single device to consolidate multiple payment cards.

The company's core product was a Bluetooth-enabled smart device, the same size and shape as a standard credit card, designed to store the data of up to eight different credit, debit, gift, or loyalty cards. Users managed their cards through a companion mobile application, which synced with the Coin card. To make a payment, the user would select their desired card on the device's small electronic display via a single button and then swipe the card like a traditional one. The card featured a dynamic magnetic stripe that would transmit the data of the selected card to the point-of-sale terminal. For security, the card was designed to automatically lock if it was separated from the user's synced smartphone and could also be unlocked with a manual tap code. The internal battery was designed to last for two years without recharging.

Coin's business model was based on the direct sale of its device to consumers, initially launching through a highly successful crowdfunding campaign that met its $50,000 goal in just 47 minutes. The product, marketed as Coin 2.0, incorporated NFC for tap-to-pay functionality. Despite its promising start, the company faced challenges with merchant compatibility and the rise of mobile payment solutions like Apple Pay. In May 2016, the wearable technology company Fitbit acquired Coin's wearable payment assets, including key personnel and intellectual property, to accelerate its own development of NFC payment solutions. Following the acquisition, Coin ceased production and sales of its products, and officially shut down all product services and app support on February 28, 2017.

Keywords: payment consolidation, smart card, dynamic magnetic stripe, Y Combinator, consumer electronics, financial technology, mobile payments, wearable payments, crowdfunding, fintech