Why ‘smart credit card’ isn’t so smart

I was one of the backers of the Plastc card, but they just announced that they are shutting down. Is there anyone offering a multicredit card that works?

Plastc is just the latest contender in the “smart credit card” space to go out of business.

This race to create a universal digital credit card that allows you to electronically consolidate all your credit, debit and gift cards on a single device started in 2013 from a company called Coin.

Answer: Question: The rush to grab backers

my experience with the Coin device, I warned last year of the risks of backing a product still under development.

Why smart cards aren’t the answer

The mobile payment space is a huge battleground and my opinion is that these “smart cards” are just an interim step in the eventual roadmap to mobile pay devices.

Despite the wreckage of companies that have tried to create the ultimate allin-one card, newcomers are still popping up.

Mobile payment technology that’s integrated into devices we already use every day rather than a separate, standalone device is where we will all likely end up. My advice is to stay on the sidelines and let the smoke clear.

Ken Colburn is founder and CEO of Data Doctors Computer Services data doctors.com. Ask any tech question at: facebook.com/DataDoctors or on Twitter @TheDataDoc.