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Smart payments company Coin this week announced the shutdown of its various product services, officially closing product support, social media channels, and the connected Coin app on iOS and Android devices on February 28, 2017. The news follows the discontinuation of all Coin products last May, when Coin was acquired by Fitbit and the company subsequently ceased selling its line of smart payment cards.

With no new Coins available to purchase and its services shutting down, users will no longer be able to add new cards to the device without the mobile app being supported. Coins themselves will continue to work until their batteries die (two years from initial activation), so the company is encouraging users to add any cards they want before February 28.

coin-image-1-800x440.jpg
With the acquisition of Coin by Fitbit, all business operations ceased on June 13, 2016. The company is no longer manufacturing, promoting, or selling any new devices or products.

Effective from February 28, 2017, the Coin product services will officially be shut down. As a result, support through the Coin website or through social media channels will no longer be available.
The original Coin, as well as Coin 2.0, was a single credit card-sized device that stored a collection of credit and debit cards that users could toggle through with a small button on the front of the Coin. Once the desired card was selected, users swiped Coin like any normal payment card, and the charge went through to whatever card was chosen.

Coin was first announced and began receiving orders in 2013, one year before Apple would launch Apple Pay in 2014, but Coins didn't begin arriving to customers until 2015. Although Coin's shutdown has been clear since the Fitbit acquisition last year, the growing popularity of smartphone mobile wallets like Apple Pay and Samsung Pay undoubtedly became large competitors to Coin's business in 2015 and 2016.

In Fitbit's own press release last year, the company described a deal that focused on the specific acquisition of "Coin's wearables payment platform," although at the time there were "no plans to integrate Coin's wearable payments technology" into its 2016 roadmap. That still leaves future Fitbit devices in 2017 and beyond wide open for an "active NFC payment solution."

Amid acquisitions of Pebble and luxury watch maker Vector Watch, Fitbit has faced lower-than-expected revenue results for the fourth quarter of 2016, leading to cuts of between 5 to 10 percent to its workforce. With Apple Watch gaining ground in the smartwatch space, Fitbit appears to be gearing up to launch a more feature-rich wearable with its own app store, mobile wallet, and more, instead of the activity-focused wearables it currently sells.

Article Link: Coin Announces Official Shutdown of All Product Services Coming February 28
 

avanpelt

macrumors 68030
Jun 2, 2010
2,940
3,842
This seemed like such a cool idea at the time. Now, it looks antiquated. Although, I still wish Apple Pay could mimic a card swipe the way Samsung Pay can. If Apple can figure out how to do that with the next iPhone, use of Apple Pay will skyrocket, I suspect.
 
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coolfactor

macrumors 603
Jul 29, 2002
5,002
5,422
Vancouver, BC
This seemed like such a cool idea at the time. Now, it looks antiquated. Although, I still wish Apple Pay could mimic a card swipe the way Samsung Pay can. If Apple can figure out how to do that with the next iPhone, use of Apple Pay will skyrocket, I suspect.

I think the better solution is for payment terminals to be upgraded. Here in Canada, pretty much anywhere that I can pay with chip-and-pin, I can pay with "a tap", which means Apple Pay is supported. It's fast, efficient and secure. No need for Apple to invest into supporting outdated hardware.
 
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dingle19

macrumors member
Jul 28, 2016
67
113
San Diego, CA
Their company is garbage. Took money and delayed an entire year before shipping out a turd product, only to update to V2 a few months later. Luckily those who had V1 were able to upgrade, not sure if it was a deep discount or for free, but they did something at least.
 
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feolaney

macrumors newbie
Jun 17, 2016
5
8
This seemed like such a cool idea at the time. Now, it looks antiquated. Although, I still wish Apple Pay could mimic a card swipe the way Samsung Pay can. If Apple can figure out how to do that with the next iPhone, use of Apple Pay will skyrocket, I suspect.

Being able to pay with the magnetic card swipe would be useful except when you try to pay with your Galaxy using a card that has a chip it requires that you pull out the physical card and insert the chip in the machine anyways. Bit useless now that we are moving to the chipped card standard.
 
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AllieNeko

macrumors 65816
Sep 25, 2003
1,004
57
This seemed like such a cool idea at the time. Now, it looks antiquated. Although, I still wish Apple Pay could mimic a card swipe the way Samsung Pay can. If Apple can figure out how to do that with the next iPhone, use of Apple Pay will skyrocket, I suspect.

Honestly, no, no it didn't. It looked just as antiquated at launch. Cloning a magnetic stripe when the future was clearly contactless EMV from mobile devices always seemed bizarre.
 
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Kaibelf

Suspended
Apr 29, 2009
2,445
7,441
Silicon Valley, CA
This seemed like such a cool idea at the time. Now, it looks antiquated. Although, I still wish Apple Pay could mimic a card swipe the way Samsung Pay can. If Apple can figure out how to do that with the next iPhone, use of Apple Pay will skyrocket, I suspect.

Samsung only got the ability to do that by acquiring LoopPay, but it's not really Apple's M.O. to try to cater toward technologies that are on the way out of standard use. They tend to lurch people forward to the next thing (with mixed results), such as the whole TouchID implementation, and dragging their user base into USB-C world.
 
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avanpelt

macrumors 68030
Jun 2, 2010
2,940
3,842
I think the better solution is for payment terminals to be upgraded. Here in Canada, pretty much anywhere that I can pay with chip-and-pin, I can pay with "a tap", which means Apple Pay is supported. It's fast, efficient and secure. No need for Apple to invest into supporting outdated hardware.

Oh, I totally agree with you. Unfortunately, here in the U.S., our businesses are, by and large, still living in the stone age where payments are concerned. Many businesses haven't bothered to upgrade their POS equipment to NFC-capable equipment. Of the businesses that have upgraded their POS equipment, some of those have purposely disabled NFC payments on their equipment. That's led to customer confusion, and rightly so. I can go to two different businesses that both have the exact same POS terminals and be able to use Apple Pay at one of the businesses but not at the other.

As a business owner myself, I can't fathom a business not allowing a customer to pay using a mainstream payment method. As far as I'm concerned, Apple Pay, Samsung Pay, Android Pay, etc. should all be considered mainstream now. My philosophy has always been to allow people to give me money as many ways as possible so long as doing so doesn't create more of a headache for me. My business does not accept BitCoin, for example, because doing so would be an inconvenience for me.

Businesses in the U.S. need to upgrade their POS terminals so they can accept chip cards anyway; so it boggles my mind why some businesses will do that upgrade and then purposely turn off functionality in the new POS equipment that is customer-friendly.
 
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newyorkone

macrumors 6502
Jun 10, 2009
276
249
This seemed like such a cool idea at the time. Now, it looks antiquated. Although, I still wish Apple Pay could mimic a card swipe the way Samsung Pay can. If Apple can figure out how to do that with the next iPhone, use of Apple Pay will skyrocket, I suspect.

I thought Coin was a bad idea from the beginning so not surprised by this announcement. I also wish there was more ubiquity with Apple Pay, but Apple will have to come up with their own version of MST since they were stupid and let Samsung snatch up LoopPay back in 2015. LG has been trying to come up with an MST type payment solution and if they do, Apple would be wise to license the tech...if it's secure and reliable.
 
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Exile714

macrumors 6502a
Jan 14, 2015
691
1,104
I thought another nail on Coin's coffin was EMV chips taking over. Businesses were supposed to switch over in October 2015 when the burden of paying for security breaches shifted from banks to retail still using magnetic strips.

And yet here I am in 2017, and everywhere I go I see retailers with little cardboard tabs sticking out of the EMV reader saying to swipe instead because EMV is not yet enabled there. And in those places with EMV, NFC payment is disabled.

I purposely shop wherever I can use Apple Pay, but there's no way I can get groceries, car service, mail service and a hundred other essentials without paying with a magnetic strip.
 
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sblemmy

macrumors regular
Oct 24, 2013
124
344
This seemed like such a cool idea at the time. Now, it looks antiquated. Although, I still wish Apple Pay could mimic a card swipe the way Samsung Pay can. If Apple can figure out how to do that with the next iPhone, use of Apple Pay will skyrocket, I suspect.

As TC said when he introduced Apple Pay, magnetic strip technology is sorely outdated. The fact that Coin and Samsung Pay can clone the magnetic stripe data from your credit card is reason enough not to use it.
 
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vpndev

macrumors 6502
May 11, 2009
288
97
This seemed like such a cool idea at the time. Now, it looks antiquated. Although, I still wish Apple Pay could mimic a card swipe the way Samsung Pay can. If Apple can figure out how to do that with the next iPhone, use of Apple Pay will skyrocket, I suspect.

Swipe is going the way of the buggy whip. Its demise has been delayed by some rollout issues with chip cards but the end is clear. It's over. Dead-end.

Apple is not going to invest engineering resources and effort into a dying technology. It would have been cool five years ago but not now.
 
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Aichon

macrumors newbie
Jun 10, 2015
18
49
I thought another nail on Coin's coffin was EMV chips taking over.
I pre-ordered a Coin in 2013, fully aware of the EMV liability switch taking place in October 2015. My thinking was that the Coin would ship in early-ish 2014, so it'd practically be at the end of its expected battery life by the time my credit cards would be re-issued with chips for the EMV switch.

Instead, they delayed and delayed and delayed. By early 2015, I decided that even if they did ship before the EMV switch, I'd only be able to enjoy it for a few months before I'd have to start carrying other cards again, defeating the whole point of having it in the first place.

So, at least for me, you were dead-on about EMV being another nail in the coffin. I ended up asking for (and receiving) a refund before they ever shipped, simply because of the EMV switch. By the time I was aware of the v2 Coin that supported EMV, Apple Pay was already announced, putting the final nail in the coffin.
 
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Purple Pear

macrumors newbie
Jan 25, 2017
22
7
UK
Oh, I totally agree with you. Unfortunately, here in the U.S., our businesses are, by and large, still living in the stone age where payments are concerned. Many businesses haven't bothered to upgrade their POS equipment to NFC-capable equipment. Of the businesses that have upgraded their POS equipment, some of those have purposely disabled NFC payments on their equipment. That's led to customer confusion, and rightly so. I can go to two different businesses that both have the exact same POS terminals and be able to use Apple Pay at one of the businesses but not at the other.

As a business owner myself, I can't fathom a business not allowing a customer to pay using a mainstream payment method. As far as I'm concerned, Apple Pay, Samsung Pay, Android Pay, etc. should all be considered mainstream now. My philosophy has always been to allow people to give me money as many ways as possible so long as doing so doesn't create more of a headache for me. My business does not accept BitCoin, for example, because doing so would be an inconvenience for me.

Businesses in the U.S. need to upgrade their POS terminals so they can accept chip cards anyway; so it boggles my mind why some businesses will do that upgrade and then purposely turn off functionality in the new POS equipment that is customer-friendly.

I like that another phrase that shares the POS acronym fits just as well in most of the above sentences as 'Point of Sale' does :) Small things and all that
 
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utwarreng

macrumors 6502
Aug 8, 2009
389
88
I am so glad I bailed on this product and got a refund when they first started delaying it.
 
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lunarworks

macrumors 68000
Jun 17, 2003
1,972
5,210
Toronto, Canada
Being able to pay with the magnetic card swipe would be useful except when you try to pay with your Galaxy using a card that has a chip it requires that you pull out the physical card and insert the chip in the machine anyways. Bit useless now that we are moving to the chipped card standard.
Here in Canada the only cards that are chipless are gift cards, so the magswipe emulation would fail 100% of the time you tried to use it.

There's relatively few stores in Canada that don't have tap-to-pay these days, aside from American chains that use their own POS systems, like Walmart and Home Depot.
 
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jack_fungi

macrumors newbie
Sep 7, 2016
9
1
Their company is garbage. Took money and delayed an entire year before shipping out a turd product, only to update to V2 a few months later. Luckily those who had V1 were able to upgrade, not sure if it was a deep discount or for free, but they did something at least.
Agreed. This was my first crowd-funded product, and I asked for a refund after waiting for 6 months. Too bad. I was really hoping to use Apple Pay and a single card.
 
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Mascots

macrumors 68000
Sep 5, 2009
1,628
1,331
Instead, they delayed and delayed and delayed. By early 2015, I decided that even if they did ship before the EMV switch, I'd only be able to enjoy it for a few months before I'd have to start carrying other cards again, defeating the whole point of having it in the first place.

Same order pattern and feeling. I'm happy that I remembered to cancel mine at the very least.

I can only imagine how many peoples money they walked away with who signed up and just forgot after so many delays.
 
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69Mustang

macrumors 604
Jan 7, 2014
7,806
14,817
In between a rock and a hard place
This seemed like such a cool idea at the time. Now, it looks antiquated. Although, I still wish Apple Pay could mimic a card swipe the way Samsung Pay can. If Apple can figure out how to do that with the next iPhone, use of Apple Pay will skyrocket, I suspect.
The obtuse parroting in this thread is hilarious. From a customer standpoint, any mobile solution that allows me to use what's in my pocket regardless of whether or not a terminal has been updated is a considerable win. Apple/Android Pay usage is growing but it is still decidedly a small portion of payments; especially in the US. Apple Pay has just reached 35% retailer penetration here. That means 65%, or the overwhelming majority, still don't accept it. If Apple Pay had MST as well as NFC, it's penetration would be 100%. It would also counter all the half-assed alternatives retailers keeping cooking up to counter it because there's no way in hell any retailer is going to block MST. It's a win/win for Apple and the customer.

NFC is the future, no doubt. Last I checked, the future ain't here yet.
 
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