Coin Embraces EMV - Now Shipping Next Generation Product with “Tap to Pay” NFC
Existing customers are eligible for a free upgrade to Coin 2.0
SAN FRANCISCO – (August 26, 2015) — Today Coin, the first-to-market connected device that makes mobile commerce simple and secure, announces that it is now starting to ship its second generation device that is EMV-Ready incorporating NFC technology, giving consumers the ability to transact securely with both contactless and swipe payment systems.
All customers that have already received a Coin are eligible for a free upgrade to Coin 2.0 by claiming it in the latest version of the iOS and Android mobile apps. Customers that have not yet received a device will be upgraded automatically. Each customer can view their estimated ship date in the mobile apps or inquire through the website.
Coin 2.0 devices are shipping today with NFC technology in Early-Access-Mode (See Q&A for more details) as the company finalizes partnerships with the necessary financial institutions in the coming months. Once the partnerships are finalized, customers will be able to enable EMV compatibility through an over-the-air software update.
“As new security measures are coming to the U.S., we wanted our device to be one step ahead as well,” said Kanishk Parashar, CEO of Coin. “Our customers have always been our number one priority and by offering them all Coin 2.0 free of charge, we want to reinforce just how important they are to us.”
We are currently working on partnerships, new features, and improvements that will enhance Coin 2.0’s compatibility with more point-of-sale systems and bring additional valuable functionality to consumers. The next generation of Coin’s new features include the ability to nickname payment cards and includes an upgraded electronic stripe that has improved performance at gas stations. Having the option to nickname a payment card was the number one most requested feature by customers, therefore Coin 2.0 will allow users the ability to give each card a 4-character label--such as ‘BofA’ or ‘Work.’
When will Coin 2.0 be available?
- Coin 2.0 devices with NFC hardware are starting to ship as of August 26th, 2015. If you are an existing customer, you can check estimated ship date in the mobile app’s settings menu or through the company’s website.
How does NFC Early-Access-Mode work?
- Coin 2.0 will ship with Early-Access-Mode live. Customers will be able to transact with “Tap to Pay” NFC with select payment cards, starting with a limited number until additional partnerships are finalized. The mobile app will clearly outline which payment cards are eligible.
What happens to customers whose Coin 1.0 has already been delivered?
- Customers who received the first version of Coin will be able to sign up for Coin 2.0 with NFC capability and added features free of charge. They can do so in “Settings Coin 2.0” menu in Mobile App.
All existing customers can receive a Coin 2.0 device free of charge. What about everyone else who purchases a Coin for the first time?
- Customers receiving their Coins in the mail from today onward will be getting Coin 2.0s. New customers that purchase a Coin by the end of the year will receive a Coin 2.0 automatically.
How is Coin 2.0 improved from the first version?
- Coin 2.0 incorporates NFC technology along with a variety of new features, such as:
- Ability to give payment cards a nickname that appears in the app and on Coin 2.0’s e-paper screen
- An improved electronic stripe that performs better at gas stations and other merchants
- Over-the-air software updates that will add EMV capabilities and new features, keeping Coin future-proof
- A display that is twice as fast
- A form factor that is thinner than older Coins by up to 8%
Why does Coin 2.0 use NFC instead of “chip and pin” technology?
- EMV over NFC, known as “Contactless EMV” is the future of EMV-compliant payments, and is also used by Apple Pay, Samsung Pay, and Android Pay. Coin 2.0 will be able to make EMV-compliant payments with NFC that are even more secure and convenient than “chip and pin” transactions.
How will “Chip and Pin” plastic cards work with Coin?
- Coin 2.0 will support “Chip and Pin” cards via “Tap to Pay” NFC capability. The mobile app will clearly outline which payment cards are eligible.
- As the USA merchants upgrade their terminals to Chip and Pin, they will also simultaneously support “Tap to Pay” NFC payments.
When will the over-the-air update happen for Coin to be EMV compliant?
- We will keep customers informed as we complete partnership agreements with various financial institutions.
Since Coin started shipping in late-April, Coin has successfully been swiped over a million times in over 300,000 unique locations throughout all fifty states, as well as many countries overseas. Anyone who is interested in purchasing a Coin 2.0 can order one at: onlycoin.com. Download the mobile app on iOS here and Android here.
Coin is a smart device that allows you to transact at millions of merchant locations across the United States using your credit, debit, gift and loyalty cards. Coin is in the familiar form of a plastic card, but equipped with a digital display, 128-bit encryption, NFC and Bluetooth Low Energy. Once configured using the mobile app, Coin operates autonomously on a day-to-day basis. Coin works at various locations, from ATMs, to restaurants, to gas stations, to grocery stores. Based out of San Francisco, Coin’s purpose is to create products that simplify and improve your life.
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