Coin Gives Love a Bad NamePeter Reville |
Back in December I penned a blog post confessing to falling in and out of love with Coin. I really wanted to believe, but the facts were too hard to ignore.
Coin is the device, about the size of a credit card, that can store all my plastic card information for use instead of the cards themselves at the point of sale. Looks like some of my concerns are coming to bear.
According to a CNET Article Coin is now delaying shipment of its product until the spring 2015 (the original press release touted a “mid 2014” release). According to the article, Coin is refining the device and running into some production issues.
Refining the device? Really? Something sounds fishy to me if you are still working on your product around the time you were planning to ship it.
To add fuel to the fire, they still haven’t addressed the EMV issue as news of recent data breaches. like Target, accelerates the focus on chip for increased point-of-sale security. They don’t see themselves getting around to that “minor inconvenience” until after they release the first wave of devices and free up the R&D staff.
By the way, the CNET Article notes, they have 20,000 people who have pre-ordered the device.
I could go on, but why kick a guy when he’s down.
As an observer of the payments industry who has spent a lot of time following new developments, I see Coin as yet another example of smart people getting into this industry only to realize it is a lot harder than they think. There are a lot of moving parts and too often that is taken for granted. That said, this is an exciting time for payments and new opportunities are around every corner. We just need to be smart on where we place our bets.
Best of luck, Coin.