Your Wallet Now on Your Smartphone?
"Whats in your wallet?" Probably a lot of cards. On top of debit and credit cards, many stores offer membership cards and loyalty cards. There may soon be a way to combine those cards into one. There will be an app for that.
It's called Coin. once you download the app to your smartphone, you can use a swipeable bluetooth card instead of your credit card. one card can replace up to eight cards in your wallet.
Gainesville Resident Michelle Hart said, "I think it would make it a lot more convenient for people to only have to carry around one card instead of a wallet full of your five different cards."
Convenience is important, but some say there's an obvious generational gap with a new technology like this. Gainesville Resident Sarah Bauer said, "a fair share of people that do have security concerns but I think especially among our generation or the younger group, I think they're open to new technology and trying new things."
Experts say you should be very careful when using this technology. UF Computer Information and Science Professor said, "one problem with this device is it uses the low powered bluetooth standard which and although that standard has that encryption its not required that people devices use that encryption and so without knowing the details of how this device is using bluetooth, it's impossible to now if its using it properly in a way to protect you. "
Bauer said, "My biggest concern would be if you misplaced the card and there were 8 or 10 different cards loaded on to that then the person that took or the person that found it would have access to all of your accounts and all of your financial information, that would be even more of a concern than just losing one card."
The app keep tabs on the card. If you accidentally leave it somewhere, the app will send you an alert. Wilson says the best way to protect yourself is to wait until the company fixes any bugs after its first released. "This is a technology that is not at a stage where I would adopt it but I can't say that i know its a problem because we don't know its clearly a problem"
The company is still working out some of those security features. The card is set to be released next summer
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