Coin, the device that looks to stand as an electronic replacement for credit and debit cards, is coming to market. It will just be arriving somewhat later than originally forecasted.
The start-up has announced that it is taking a small step back and delaying the release of the Coin beta until spring 2015 to give itself a little more time to work out a few of the technical bugs with its smart device.
That device, which is approximately the same height, width and depth of a credit card offers holders the opportunity to trim their wallet by storing up to eight different pay cards in its memory.
The 10,000 or so customer customers who have paid their $55 and pre-ordered the product will first get their hands on it in around six months.
What they will not have, however, is an EMV-compliant device. The company has confirmed that in its first iteration, the Coin device will not equipped with the chip that is widely forecasted to be a standard part of American card transactions by the end of 2015.
Coin has said it will not begin addressing the issue of EMV compatibility until the first round of the device ships next spring. The delay on this has led some consumers who pre-ordered with Coin concerned that the device is coming out of the gate already behind the times, reports, C|Net.
“Coin, being in this business, has to know the changes in this industry,” a pre-order customer posting under the name Robert Jon commented on one of the company’s blog posts. “It’s their business to know this information.”
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