On Friday, the startup said it’s delaying its full product release until spring of 2015 while it refines the device and works out kinks in manufacturing. Instead, the company says it will ship what it’s calling Coin beta, the latest iteration of the all-in-one card, to the first 10,000 pre-order customers who opt-in to the program.
Cue the inevitable mockery from my wife, but this is disappointing. Not surprising, but disappointing.
What is surprising about Coin is that they still refuse to address EMV chip compatibility, except to that that they won’t have that until after the first full version of Coin ships in Spring 2015.
The lack of EMV compatibility wasn’t a big deal when Coin launched last November, because even though we knew that the US needed it to help fight fraud, it wasn’t imminently on the horizon. In the intervening nine months though, US credit card companies have said that it will be in place by October 2015. So now, at best, your fully-featured Coin will work for something like six months before being made obsolete due to the lack of EMV support.
I’ve never asked for a refund on a crowd-sourced purchase that was delayed (and, by my count, I’ve been involved in three of them). This may be the first time I do it.