New All-In-One Payment Card Challenges Amazon’s Internet Dominance
World's biggest online retailer has some competition from payment solution startup, Coin.
Coin is an all-in-one credit card solution that ships this summer, which could make it infinitely easier to pay for things with plastic. The only problem is that in 2012, Amazon filed an application for a patent describing a “dynamic payment card” which could do almost exactly the same thing as coin, and pose a massive threat in the process.
The Amazon payment card is “programmable by a user in order to access one or more accounts from multiple financial institutions and/or other institutions.” This includes credit, debit, and gift cards that could be selected with an easy-to-use app that accompanies the all-in-one solution.
Filed in March 2012, but only just published online at the end of last year, it’s still unclear whether or not the patent will be granted. Neither Amazon or Coin chose to comment on the situation when contacted by Re/code, which leaves a lot of questions without answers.
People have already placed their preorders for the Coin payment card, and while it may be unsettling to hear of a potential alternative, brand loyalty could play a big part. Amazon might be able to offer the same service, but as many people grow concerned with putting all their eggs in one basket, Coin could still prove to be a roaring success.