Oops, I did it again!


This content is over 24 months old. While the research and opinions expressed by Neuralytix was valid when published, readers should not rely on the applicability of the content in the context of today’s market.

Last weekend, I did it again. I ran out of the door without my wallet. A wallet that I have treasured since I got it 20+ years ago. But, unlike the embarrassing predicament that I got myself into, by being payment-less for a lunch meeting with a new client, I was successful in having a cashless wallet-less day!

I took my son to a birthday party, and I took Uber. Uber, as it turns out, is cheaper than a yellow taxi in New York City. So, off I went to a “drop-off” party, and I dropped off my little guy at the party. I have been quite backlogged with writing and work, so I headed straight to a Starbucks a block and a half away. As I entered, I realized “oops, I did it again!” NO WALLET.

However, the combination of my Starbucks app on my mobile phone, and the new Coffee Time Android Wear app i have on my smartwatch, and I was able to successfully get lunch and buy coffee without cash or a credit card. If I hadn’t really to do a little catch up, I would have quickly left the coffee store, and gone grocery shopping with my new found wallet freedom.

Now, despite this fortunate day, I am still waiting (not so) patiently for my Coin and Swyp credit card consolidation smart “credit” card.

Both products promise to replace all my credit cards with their smart card. While Coin is still in active beta, predominantly in the San Francisco/Bay Area in California, Swyp expects to ship in the Fall of 2015 (3Q15). There is one more product Plastc that is also a competitor in this space.

Neither Neuralytix nor I endorse any of these products. But success for any of these companies would be a great win not only for these vendors, but also for the consumer. No longer do I need to carry multiple debit and credit cards, plus my business credit card, I just have to carry (and/or subsequently lose) one card! Security and privacy will continue to be a hotly contested debate, but that is a separate, albeit critical, discussion.

Already, products such as PayPal, Google Wallet, and newcomers such as Loop allow you to pay with your phone. But that is on the proviso that the merchant accepts NFC or phone payments. The smart cards will bring a new level of compatibility. They would be able to be swiped at any credit card terminal. Perhaps they could replace your ATM card.

I have to say, I’m anxious to get my new smart “credit” cards, and continue to hope I don’t forget my wallet (yet again!)