The Single Card to Replace Your Wallet

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Nov. 15 (Bloomberg) -- Coin CEO Kanishk Parashar discusses how the company is trying to make credit cards obsolete with Jon Erlichman on Bloomberg Television's "Bloomberg West." (Source: Bloomberg)

A simple card like a payment card.

You can swipe it like any other card.

The difference between a coin and any other card -- all of these are inside of my coin and i can pay for stuff with any of them.

Point launched -- coin launched a crowd start program.

It's ceo joins me now.

This video has gone viral.

You are now almost two 1.8 million people who have viewed.

Where did this idea come from?

It came from a previous startup.

In 2010, me in a couple guys started a company that basically let to phones connect to pay.

It was a great experience.

It was very convenient.

When you put it out there him a you are getting at -- out there, you get a system.

People realize we have a chicken and egg problem.

The market and the consumer needs to adopt it to make a transaction.

It hit me what we really needed to do was stop the problem from one and elected the other side.

You have one of these cards with you.

The card within a card.

You can present that button and you can go through the different ones.

What has the demand been like?

What can you tell us about the number of people will place orders?

We never could've imagined the traction we got.

We're hoping to get a $50,000. at this point, i wish i could reveal the total demand.

We have over 200,000 shares on facebook in the last today.

You are manufactured the problem at this point i'm a correct?

Currently we are a prototype.

We produce a few of them.

Given the demand, are you going to them to meet the demand and what is the timeframe for being able to do that?

Having more orders will help us.

We will be able to get better -- it can help us manufactured.

The time file will be around the summer.

This what a lot of startups hope for.

How do you manage the process?

What is the first priority now that you have the demand and you to deliver the products?

Nothing changes.

We keep going and we keep our goals.

As long as we do that, we know we can deliver.

The pricing for these early adopters is $50? how do you pick a price for device like this?

We thought about the item that was attainable yet has enough -- shows enough value to the customer.

We thought $50 for two years was a good price.

The use of bluetooth, at what point did you say, that is what we should do?

Bluetooth was the obvious choice.

All of the new devices are adopting bluetooth.

We needed a way for this to function yet to be connected to the mobile phone.

Bluetooth was the easiest and best way.

But now that you have seen what the demand is like, where do think it can go?

Will you even to sell through stores?

We are not thinking that far yet.

We are staying focused on what is ahead.

We are seeing signs of the demand online.

Very interesting story.

Thank you for joining us.

This text has been automatically generated. It may not be 100% accurate.


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