[OPLIN 4cast] OPLIN 4cast #362: Thinning your wallet

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OPLIN 4Cast

OPLIN 4cast #362: Thinning your wallet
November 27th, 2013

walletAs you venture out to the stores this week - or jump online - to 
do your Christmas shopping, take a second to look at the number of 
plastic cards you have in your wallet: not just credit cards, but gift 
cards, customer loyalty cards, and of course your library card(s). 
Various tech businesses, including Google, have tried to reduce the 
plastic clutter in our wallets by using the smartphones most people 
carry everywhere, but since the plastic card is so convenient, none of 
these new ideas has become popular. Now a new startup, called Coin, 
proposes to let you store the data from many cards on one card that can 
be swiped through a magnetic reader just like a standard credit card. 
Most libraries use a barcode rather than a magnetic stripe on their 
patron cards, but if Coin is very successful, libraries may see some 
patron demand for magnetic readers in libraries so people don't have to 
carry a special piece of plastic just for the library.

  * Tired of a fat wallet? Coin lets you hold all your cards in a
    single, connected card
    <http://venturebeat.com/2013/11/14/tired-of-a-fat-wallet-coin-lets-you-hold-all-your-cards-in-a-single-connected-card/>
    (VentureBeat/Devindra Hardawar) "Simply swipe your cards using a
    card dongle like Square's, take a picture of their front and back,
    and Coin's app securely stores all of the card information for you.
    You can hold up to eight cards on the Coin card at once, which you
    can cycle through using a small button and display on the front of
    the card (an unlimited amount of additional cards can be swapped
    over from the Coin app). Paying is as simple as swiping like a
    normal credit card."
  * Coin launches a crowdfunding campaign for a card that replaces every
    swipeable card in your wallet
    <http://thenextweb.com/gadgets/2013/11/14/meet-coin-single-card-replaces-every-swipeable-card-wallet-purse/>
    (The Next Web/Nick Summers) "Each Coin will retail for $100, but you
    can reserve one for half that price if you get in early. In
    addition, there's a $5 discount for every friend you refer. The
    first units are expected to ship in the summer of next year. In
    short, this is a card to replace all of your cards. Until mobile
    payment apps are truly commonplace across the world, Coin seems like
    the best alternative."
  * Why was the launch of Coin so successful?
    <http://www.forbes.com/sites/quora/2013/11/19/why-was-the-launch-of-coin-so-successful/>
    (Forbes/Brian Roemmele) "Coin set its sights on $50,000 to fund the
    development and production of the proof of concept wallet-like
    product. This goal was met in 47 minutes on the afternoon of
    November 14th, 2013. This represents at least 1,000 confirmed
    pre-orders."
  * Coin to strengthen security of all-in-one credit card
    <http://news.cnet.com/8301-1035_3-57613185-94/coin-to-strengthen-security-of-all-in-one-credit-card/>
    (CNET/Nick Statt) "Many critics of Coin were quick to point out the
    obvious security issues with a programmable - hence, hackable -
    device that contains heaps of personal financial data. The company
    is remaining steadfast in its reliance on 128- and 256-bit
    encryption that spans its servers, its mobile app, and the device
    itself. But it's now addressing the fraud concern by building in an
    alarm that keeps track of how many times the card is swiped."

*/Unofficial fact:/*

If the collection of library cards we keep in the OPLIN office is any 
indication, only about 3% of Ohio public libraries issue patron cards 
that have magnetic stripes.
------------------------------------------------------------------------
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