Coin is absolutely a step in the right direction for one simple reason: it offers a convenient transition option.
Its most immediate use is to consolidate physical cards into one, but its true killer feature is the ability to instantly act as a physical proxy to a digital account (i.e. BitCoin, Paypal).
Do you own a Blu Ray player? It's more than likely to also play DVDs. If it takes a lot of time to get consumers to change over their media collections, I can only imagine how much time it takes to move the financial industry.
The data on the magstripe is the trivial tiny visible part of the credit card system iceberg. The major difficult part of the system (and any system that wants to replace/improve creditcards) is the merchant & issuer network + the international legal&liability issues, not the technical thingy given to cardholders.
If you make a finished perfect technical device that's better than creditcards - great job, you're 1% done in replacing CC's, wake me up when you're atleast 33% done on the other major issues.
Its most immediate use is to consolidate physical cards into one, but its true killer feature is the ability to instantly act as a physical proxy to a digital account (i.e. BitCoin, Paypal).
Do you own a Blu Ray player? It's more than likely to also play DVDs. If it takes a lot of time to get consumers to change over their media collections, I can only imagine how much time it takes to move the financial industry.
Coin is sorely needed.