Coin, The Connected Payments Device, Announces Coin Rewards Program to Provide Consumers with Cash Back Benefits and Announces First Retail Partner
Coin 2.0 is now available for sale on Amazon
SAN FRANCISCO – (November 20, 2015) — Today Coin, the first-to-market connected device that makes payments simple and secure, announces the launch of its new program, “Coin Rewards.” Coin Rewards gives customers cash back benefits for using Coin at select retail locations, starting in the Bay Area. In conjunction with this news, the company is also announcing its first retail partnership with Amazon Launchpad in advance of this year’s holiday season. Coin’s latest model, Coin 2.0, is already accepted at millions of merchant locations and continues to grow in compatibility.
Coin completed the largest startup launch for a connected payments device, and has now recorded over 2.5 million transactions to date across all 200,000 shipped devices. The Federal Reserve reports that the average credit card charge by U.S. consumers is $94; Coin is estimated to have facilitated $235 million in purchases. The company projects that these industry-leading numbers will only continue to increase, especially as more point-of-sale systems are upgraded with NFC compatibility and EMV technology.
The company is taking the next step in intelligent transactions by providing savings to consumers through its Coin Rewards program. Coin Rewards places cash back directly into the pockets of consumers through gift cards. The company is piloting with a select group of brands and retailers initially, with plans to add additional partners in the future. The program will begin in the Bay Area, with plans to expand nationwide in the coming months. The rewards are available to anyone who has downloaded the latest version of Coin’s iOS mobile app, a Coin device is not required.
“Coin is going beyond convenience and security by providing rewards. We want to give our customers ubiquity in where they pay, flexibility in how they pay, and rewards for their bottom line,” said Coin CEO and Co-Founder Kanishk Parashar.
Since announcing Coin 2.0 with NFC “Tap-to-Pay” in August, Coin has been hard at work making sure that all devices are ready to ship by the end of the year. The company has now fulfilled that promise, with the exception of customers that have yet to provide their shipping address. If someone has already purchased a Coin device, but has not yet received one in the mail, this means they need to confirm/update their information. Consumers may visit Coin’s dedicated webpage to check their shipping status.
For more information, please visit www.onlycoin.com
About Coin 2.0:
Coin 2.0 is a smart payment device that looks like a credit card, but holds all of your cards in one - including your credit, debit, gift and loyalty cards. Coin 2.0 lets you swipe or tap any of those cards at millions of merchants across the USA. With over-the-air updates, Coin 2.0 adapts to evolving payment technology, offering future-ready ubiquity in a small and powerful package.
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