One Coin for all of your cards

Forums › Gadgets, robotics, home automation, electronics (including wearables) › One Coin for all of your cards

jeffnz

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Topic # 135164 16-Nov-2013 20:20

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Is this the way of the future or another gimmick!

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michaelmurfy

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Reply # 935007 16-Nov-2013 20:43

Seems interesting but doesn't support EMV, which means only one of my cards will work ;)

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Reply # 935026 16-Nov-2013 21:44

Good idea but only good for magnetic stripe.

Dairyxox

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Reply # 935027 16-Nov-2013 21:49

That thing he plugged in looked dumb ;p

tardtasticx

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Reply # 935041 16-Nov-2013 22:34

How would this work in regards to security other than the location thing? It doesn't have a chip, he didn't mention pins (Does each 'virtual' card have its own pin that matches the corresponding physical card? How does this work with Chip cards?)

Don't mean to shoot it down, I'd definitely get one if it went ahead and they proved themselves. But I wouldn't trust it yet.

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porche20002

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Reply # 935058 16-Nov-2013 23:41

I think in the US they predominately use magnetic stripes and signatures more than the EMV and chip/pin standard. I read somewhere that although the rest of the world has shifted to it, EMV will be progressively rolled out starting in 2017! One of the examples being the square reader in the US is magnetic stripe based whereas here the BNZ Pay Clip is chip based.

khull

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Reply # 935059 16-Nov-2013 23:46

As far as I know if you swipe a chip card on a terminal that supports EMV chips, it will ask the operator to insert the card instead and hence this will fail on this. The swipe process is a backup I case it has problems reading the chip. Eftpos cards will probably work. The US financial sector is incredibly backwards with most cards still relying on the magnetic strip.

Having said that, we are seeing more NFC terminals of which this card will not take advantage of

sdav

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Reply # 935082 17-Nov-2013 02:02

I saw this today. I think it's a bit of a gimmick to be honest but then I don't see myself as the target market with only three cards. Once of the cards is a air nz/flybuys card which I still need to pull out to swipe the barcode anyway. Most loyalty cards (which I never use lol) I have work the same way.

They have said a chip version would be released at some point.

MaxLV

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Reply # 935166 17-Nov-2013 11:50

michaelmurfy: Seems interesting but doesn't support EMV, which means only one of my cards will work ;)

And if you lose your card, or it's stolen, you lose access to *ALL* your cards! After all why carry all your cards around when you have ONE card...

And then there's the button press to change the card you're paying from. Nothing to stop the card being changed when you hand it over to a shop assistant/waiter, etc.

Eggs in one basket...

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Reply # 935169 17-Nov-2013 12:14

Bit of a gimmick unless *everyone* starts using it, otherwise it's a great opportunity for skimmers.

nathan

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Reply # 935204 17-Nov-2013 13:36

khull: As far as I know if you swipe a chip card on a terminal that supports EMV chips, it will ask the operator to insert the card instead and hence this will fail on this. The swipe process is a backup I case it has problems reading the chip. Eftpos cards will probably work. The US financial sector is incredibly backwards with most cards still relying on the magnetic strip.

Having said that, we are seeing more NFC terminals of which this card will not take advantage of

this is my experience too, trying to swipe a magstripe card that has a chip in a chipped terminal will fail.

sbiddle

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Reply # 936292 17-Nov-2013 20:27

Biggest gimmick of all time. How anybody could get excited about this defies logic.

The US is one of the only markets resisting the move to EMV (but it is mandated from October 2016) so the product is useless for any financial products. In terms of other cards using mag stripe they're becoming fewer and fewer, NFC has replaced mag stripe for access control due to the complete lack of security, and many other loyalty products have moved from mag stripe to barcodes over the years to make POS integration easier.

Has this product been available 15 years ago there might have been some excitement.