Electronic credit card may be 'one card to rule them all' - WALB.com, Albany News, Weather, Sports

Electronic credit card may be 'one card to rule them all'

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(CNN) - Coin could be the credit card of the future. Creators of the electronic credit card say it will hold all your credit cards together. Visa, American Express and all the rest can be stored, as well as gift cards and reward cards. It even works at the ATM.

The device won't even be available until next summer, but demand is already off the charts. Presales shattered initial expectations just minutes after the company's video went viral.

In terms of thickness, it's basically the same as a credit card.

"We want to build something that people love, and that excited us and gives us purpose," said Coin's creator, Kanishk Parashar.

He said Coin evolved out of a previous startup that failed, a payment solution that involved no cards, just smartphones.

Parashar said people like cards, and there's no learning curve.

The price will be $100, but for those who ordered early, it will be half.

"We think the very best thing about this product is that it improves what you already use," he said.

A reading device, along with the company app, is used to get the cards on coin and a toggle switch allows you to select the card you want.

The company says it has built in protective features. It's paired with your phone so if the two get separated, you'll receive an alert.

There's a workaround if your phone's battery dies or you lose it. Still, some might be skittish given the potential security risks. It's also not clear how the credit card companies and merchants themselves will feel about it and whether they'll embrace Coin.

The idea of combining the old with the new may, for the first time, actually allow people to ditch a card-filled wallet.

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