Why I Cancelled Coin™

When the coin came out I was pumped.I even published an article talking about the product and it’s release. The idea of all your cards on one card is brilliant! This was music to my ears being someone who would never carry a wallet if they had to. So why the cancel?

**1. Coin Over promised and Undelivered -** I ordered my coin in September and was told that it would not be sent until summer of 2015. The coin is also said to be in beta.

Kanishk Parashar, the CEO and co-founder of Coin, said the company hasn’t begun research and development of a next-generation product yet. “What we’ll do is that once we get through this first shipment of Coins, we’ll be able to have enough resources to do an R&D project,” he said in an interview with CNET.

The time frame? “I don’t know exactly,” Parashar said. Coin has been in the works for nearly two years, subsisting on Y Combinator and K9 Venture funding, as well as the backing of former Google Wallet head Osama Bedier. Since launching its pre-order campaign, however, Coin, has taken in additional funding from customers.

By the end of 2015, some 575 million cards in the US are expected to have chips, according to the Payments Security Task Force, a consortium of the country’s largest card issuers. At least half of credit card processing terminals will also support the chips by then.”
– Article in cnet by Nick Statt-

Coin did send me a email update – An apology and an update

Dear Coin Backers,

First and foremost, we want to apologize to each and every one of you. We are building Coin for you and are extremely disappointed with ourselves that we made some of you unhappy with us. We want to earn your trust again.

We apologize for our lack of transparency and clarity in our communications to you. You, as our valuable backers, should have been the first to know about all product updates. We honestly thought we could make our timeline. We were overly optimistic. The San Francisco Bay Area Coin Beta made it evident that we should conduct a larger nationwide Coin Beta. We need your help with testing nationwide, but realize that this is not a cost for you to bear. Therefore, we will run a nationwide Coin Beta for no cost to Coin Beta Backers ($0) and increase the number of Coin Beta devices by 50% to 15,000. We’ll do our best to grow this number over time. To clarify, your spot in the Coin Beta program is determined by your pre-order date, regardless of whether you opt-in with the iOS or Android app. We feel responsible to the commitment each of you has given to us by backing Coin and so we haven’t spent even one dollar of the crowd funding campaign. All our efforts and production has been supported by equity dollars.

Coin Beta was a hard decision but important step as we want to deliver the device we all expect and nothing less. Getting Coin to work with thousands of different card readers of different makes, models and regions is not easy and that’s why we need the help of an extended beta team.

We are truly sorry that the first generation Coin is not ready when we said it would. Our team has been working hard day/night and weekends since May 2012 in an attempt to deliver Coin to you on time and while we are close, we are not at the finish line. We have achieved ~0.84 mm form factor with e-ink screen and bluetooth low energy. We even found a button that has a tactile touch so you can feel feedback every time you press the button on Coin. Coin swipes successfully in 85% of the locations we visit. Our hardware team is focused on the remaining 15%.

With Coin Beta, we will validate compatibility nationwide and improve usability. Meanwhile, we’ll keep a focus on growing our manufacturing capabilities and are confident that we will deliver high-quality first generation Coins to you all.

We promise to do better with our transparency and updates to backers. We promise to keep working hard to deliver you a great product. We value your honest feedback, good or bad; and we are always listening.

Sincerely,

Kanishk and the whole Coin team

PS – We appreciate your patience and support, but if you would like to cancel, we will promptly issue a refund to you.”

After the email I went through my beta claim, downloaded the app added my card. Coin charged me two small amounts to verify the account but without the coin I could not verify the charges. After a month I never received the coin so i decided to cancel.

**2. Apple Pay -**  is a free way to pay with your phone that will provide some connivence. I believe apple pay will take off a lot quicker with the potential to not have to swipe anything.

Only time will tell if coin will take off. With all the issues to start and lack of transparency to it’s backers it has left a bad taste in a lot of people’s mouths. This was my first experience preordering and backing a kickstarter like product. My take away is to wait and let the kinks get worked out before buying.

We all make mistakes, I am glad that coin was able to refund me with no issues.

Originally posted 2014-11-05 10:33:04.