Coin 2.0 uses NFC and is EMV-compatible so that users can not only tap to pay, the way you would with Apple Pay on an iPhone, but can integrate their chip-and-pin cards to the device.
The original Coin, debuted in November 2013 on Kickstarter, didn’t start shipping until November 2014 to early backers, with regular orders going out in April of this year. A lot happened over that course of time. For one, the U.S. switched over to EMV cards, which is essentially a more secure technology used to protect credit card information.
Unfortunately for Coin, the switch to EMV effectively made the Coin useless to anyone who had an upgraded card.
With Coin 2.0, anyone with EMV credit cards can use the device through contactless payments, similar to the way Apple Pay works. Plus, the team has made a few other improvements including an improved electronic stripe, a 2x faster display, a thinner card (by 8 percent), and the ability to give cards nicknames within the app.
Another important note: If you have an original coin, don’t fret. The company is replacing all existing Coins out in the world with the Coin 2.0 for free. If you’ve already ordered an original Coin, but it hasn’t yet shipped, your order will automatically be upgraded to Coin 2.0 for free. To claim your new Coin, just update your Coin app and follow the instructions.
Since shipping in April, Coin has been swiped more than one million times, with more than 350,000 units ordered.
You can learn more about Coin here.