Viewpoints on Innovation

Saluting Innovation @ Coin

Strategy Organizational Effectiveness Consumer Goods Retail Chief Innovation Officer
Comment

Do you have too many credit cards, gift cards, and loyalty cards in your wallet? Saluting innovation at Coin for creating a simple, secure solution that solves this problem. Coin combines all your credit cards and gift cards into a single, secure device the same shape and size as one card.

As retailers move from swipe-based systems to touch and chip-based systems, Coin has responded with a new version that supports contact chip cards (EMV) via near field communications (NFC). This updated tap-to-pay technology not only increases Coin's relevancy in existing markets, but will prove more successful in Asian and European markets where credit cards require a chip and are rapidly moving towards tap-to-pay via NFC.

As big players like Apple with Apple Pay, Google with Android Pay, and PayPal disrupt the traditional swipe-and-pay credit card marketplace with their new tap-to-pay technology, Coin is embracing the technology and shifting to a new business model to leverage the opportunity. While these innovations and new technologies are being fine-tuned, with more retailer and consumer adoption, the new business model could go a long way for Coin.

As an extensive user of Coin myself, I believe that Coin needs to refine operations and customer service capabilities to be sustainable, but their new business model has the potential to sustain the market change until the next innovative advancement, which I believe will be fingerprint recognition.

I salute Coin for rolling up their sleeves and pushing the technology advancement in this interesting space.


Read More InnoSalutes

Innovation comes in many shapes and sizes. Stay informed about the latest and greatest innovations happening in the world as our team salutes our favorites and uncovers what makes them authentically innovative. Click here for more #InnoSalutes.

Originally published on September 18th, 2015

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Topics: coin, consumer goods, innosalute, innovation, retail, retailers, saluting innovation, technology

About the Author

Sajesh Murali

Sajesh Murali

Sajesh lives in Austin with his loving wife and is a die-hard gamer drawn to anything high tech. Superbikes are his passion and in his free time he loves to cook and catch up with his books.
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