Coin is making waves on the Web by promising to slim down consumers' fat wallets by replacing their credit and debit cards with a single card that can be used for purchases.
The San Francisco startup began taking pre-orders for its smartcard at noon Thursday and within 40 minutes the company reached its crowdfunding goal of $50,000.
As explained in the video above, Coin is an electronic card holding all of the users' credit and debit card information. Before making a payment, users choose which card they want to use by pressing a button on the Coin card.
"The one card to replace every other card cluttering your wallet or purse," Coin's Twitter description says.
Coin, which is the same size as other cards users keep in their wallets, can also be used for ATMs. Additionally, if a user begins to walk away from his or her card, an app on their smartphone will alert them that they are forgetting their Coin.
To upload card information onto Coin, users connect a card reader onto their smartphone, open the Coin app and slide the card. Users then take a picture of the card that they scanned, and they are done.
Although Coin has reached its crowdfunding goal, the company said it is still taking pre-orders for Coin. The smartcard is expected to begin shipping next summer and will cost $100, but for now, users can pre-order at a discounted price of $55, which includes shipping.