The makers of the device that promises to take all of your debit and credit cards and put them together is taking a break. On Friday, the company said the full product debut has been put on hold until spring 2015. They are using the extra time to work out some kinks in the manufacturing. To hold consumers over, the company is delivering the latest iteration from the all-in-one card, called Coin Beta to its first 10,000 customers to pre-order and opt-in for the program.
Along with the pushed back shipping date, the company is concerned about not having their specialized security microchip, which is in the adoption process of the U.S. credit card industry. This means that the chip will not be included with the Coin, once it is launched next year. And they are not planning to address the issue, until after the product has started shipping next year. Those that have pre-ordered the Coin are concerned about the promise of the Coin’s technology delivering simplicity to their wallets. They feel that the device could possibly be behind in technology. The company has published progress reports, periodically to its customers that have pre-ordered to address any criticism. At the same time, little has been said about the security chips.
The catch to those receiving the 10,000 prototypes is that the devices will only work for two years. Afterwards, those that pre-ordered will have to pay Coin an additional $30 for an upgrade of the finished product. To keep everyone happy, the company promises to give 50% off any of the Coin products that are purchased within the next three years. One of the reasons that a consumer may have to upgrade their device is to make sure they have the most up-to-date version and obtain the most functionality from their Coin.