Imagine, you are at a store check-out and spend a good minute rummaging through your bag just to find your wallet. Even after finding it, you now have to look for the right card amongst the collection you usually carry around. What if there was a way of leaving your fat wallet at home and yet still carry all cards you needed? Recent technology created by a startup in San Francisco aims to do just that. They have engineered a single electronic card which will replace all your cards, leaving you with just one piece of plastic to deal with on a daily basis.

Introducing the Coin, which looks similar to a credit card and can carry information of eight different type of cards. These can include your regular credit cards, debit cards, membership’s cards and more. All you have to do is click a button and you can easily switch; swiping them at any ATM or reader. Furthermore, through a specially designed Coin mobile app, card information is synced to the Coin. This means the electronic card will be connected to your phone at all times.

Security matters

It’s valid to question the security of a new technology especially if it has to do with sensitive information. That’s why the Coin has a feature which aims to protect your data. For instance, since it is always connected to your phone, leaving it behind at restaurants or cafés, will send an alert to your phone reminding you to take it along. The card is also not operational if your phone isn’t around. It will lock up incase its stolen, keeping all you sensitive information safe. In fact, data on your Coin and your phone is meant to be encrypted, further securing any financial or personal information.

Future plans by the creators of the Coin includes building stronger relations with banks and credit card companies. Plans are also underway to give an identity to your Coin with a name and signature of the user.

Currently the Coin can only be preordered at the price of 45 dollars and will be available in summer 2014. However, it is expected to increase to 100 dollars once it is available in the market.

So would you be willing to let go of the many, just for one?

Souqalmal.com is the leading comparison site in the UAE. Souqalmal.com’s financial comparison engine allows you compare credit cards, personal loans, mortgages, car loans, bank accounts and insurance based on benefits, fees and charges