Google Card vs. Coin Who Will Win?

  • Phone Verification

The idea and implementation of Google Wallet has been a popular topic lately.After the release of Googles virtual wallet Google also decided to release a physical card, which you can load a debit or credit card onto and use it in conjunction with your virtual Google wallet and app.

The problem with only carrying a virtual wallet is, what if your phone dies or you drop it and the screen cracks? You would have no access to money at all. Technically you will always have to carry your wallet on you even with the virtual wallet. Maybe thats why Google came out with the physical card? With Googles card you have to fund it with an actual credit card or your checking account. The card is powered by MasterCard and currently can only be used in the US. Adding features like NFC and EMV can help this card become more useful for consumers.

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So youve probably heard of Google wallet and their new card, but have you heard of Coin yet? Its am interesting startup thats been generating a lot of buzz around the Internet. Coins goal is to combine all of your cards into one single smartcard that can be used like a normal debit or credit card.

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Coin uses Bluetooth to communicate with your smartphone via an app. Using a card reader (Similar to Square), you can swipe up to 8 cards onto Coin and the app stores unlimited cards. Coin has a small button and LCD display screen on it, which allows users to cycle between cards. Coin can be locked before handing it off to a waiter or clerk for payment. It will also alarm you if it is swiped multiple times. One of the coolest features is probably the ability for Coin to alert you once its out of your vicinity and deactivate itself after a period of time predetermined by you. Coin also has plans to be fully functioning globally with Europay, MasterCard and Visa. Keep in mind there is an introductory price for Coin though.

While these cards are innovative and seemingly more advanced than the virtual wallets and cards weve seen to-date there are some security questions regarding fraud. A fraudster can potentially buy Coin and load all of their fraudulent cards onto it for easy transactions. Is there a feature that verifies and authenticates one user per Coin? Without that step in the setup process criminals could put many different cards onto one Coin for easy access. Current and future payment cards like these need to have an in-depth account establishment process to verify users identities with their cards from the get-go so that a criminal isnt taking advantage of these technologies.

Would you use Google wallet, their card or Coin? Connect with us on Twitter and tell us what you think.

[Contributed by EVS Marketing]