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Coin clears out your wallet and replaces your credit cards

Coin has launched to consolidate all of your credit cards into one, allowing split payments and advanced security features that is poised to become popular.

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One Coin to rule them all

Coin is a credit card-sized device that stores up to eight credit, debit, loyalty, or membership cards. You no longer need to carry all eight cards. You simple swipe them in to the device via a card reader, take a picture of the credit card (so you can see which one it is in the mobile app), and you are finished.

When you are ready to pay, it allows you to toggle between these eight cards by pressing a button on the front of the device, letting you see the last four numbers of the card on the built-in screen. You can swipe Coin just as you would a credit card, in any card reader or at an ATM. And while the mobile app gives you a great deal of features and settings, you do not need to have your phone with you to use Coin.

Security concerns addressed

If you are worried about all of your credit cards being stored in one place; think about it like this: it’s really no different than carrying all eight with you in your wallet; you are simply eliminating the bulk of those cards. Coin data is encrypted on your phone and on the card itself. Coin functions in exactly the same way your traditional credit cards would, in fact, Coin states, “Coin is less susceptible to some card skimming techniques that take a picture of the card as it is swiped, since Coin does not display the full card details on the device. Coin is no less susceptible than your current cards to other forms of skimming that capture data encoded in the magnetic stripe as the card is swiped.”

Additionally, there is a Bluetooth link between your Coin and your smartphone, so should you ever leave your Coin behind, your phone will alert you that you have lost it. After a few minutes, the Coin will deactivate itself, or you can deactivate it manually from the mobile app. So, in essence it is no different than any other credit card, just more convenient.

This could be really nice for business lunches. You can carry Coin, tap through to your business credit card and pay for lunch. Then, if you want to make additional purchases while you are out, you can still use the same “credit card/Coin” and tap through to your personal credit or debit card. The ability to use multiple payment methods from one card is a great way to simplify payment.

Coin is available for iPhone and Android users. Each Coin is $100, but during pre-order, you can get one for $50.

Jennifer Walpole is a Senior Staff Writer at The American Genius and holds a Master's degree in English from the University of Oklahoma. She is a science fiction fanatic and enjoys writing way more than she should. She dreams of being a screenwriter and seeing her work on the big screen in Hollywood one day.

Business Finance

U.S retail sales slow to bounce back as COVID winter approaches

(BUSINESS FINANCE) U.S. retail sales aren’t coming back as many had expected, as the nation braces for wintertime with COVID-19.

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Discount signs over retail sales and clothing

To some of us, buying anything except essentials during this time seems insane. To others, who’ve been padding their savings account with money that might have otherwise been spent on going out to eat, travel, concerts, etc., shopping in retail sales has been a source of therapy.

Regardless of what side of the fence you’re on, U.S. retail sales as a whole increased less than expected in October – and, as COVID-19 hits its third wave in the States, it could slow even further. As of now, the number of national cases has surpassed 11 million.

Economists polled by Reuters predicted that retail sales in October would raise by 0.5%, though they only rose by 0.3%, according to the Commerce Department.

Pandemic-related unemployment benefits will expire at the end of the year, and it’s unlikely that Congress will agree on a second relief package before Biden takes office in January. Additionally, the federal ban on evictions will expire at the end of the year.

To top it off, the winter is approaching meaning that many restaurants and businesses in colder states will be forced to close – and, subsequently, Americans who work at those establishments will face unemployment.

Needless to say, many Americans aren’t focused on shopping; they’re focused on surviving. Especially in states with more COVID cases, there has been a broad decline in spending through November 9th, apart from automobiles, gasoline, building materials and food services.

The economy bounced back at a 33.1% rate in the late summer and early fall after contracting at 31.4% pace in the second quarter, when COVID completely sank the economy. This was the most drastic market fluxaution since the government started keeping records in 1947.

There is a strong link between households with a disposable income and spending patterns – people typically don’t spend money they don’t have, especially during a pandemic. If the U.S. wants to get the retail economy back to where it once was, it seems like additional government relief is a sure-fire way to get there.

When stimulus checks went out in April, we saw a momentary resurgence in the economy almost instantly, which was good for everyone. Until the job market allows for all of the unemployed Americans to safely get back in the game, the government needs to assist its people – the economy depends on it.

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Business Finance

7 ways spending habits have changed since COVID-19

(FINANCE) How are spending and saving habits changing for Americans during the pandemic?

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Wallet open with $5 bill out, reflecting spending habits

Regardless of whether you’ve lost your job or kept it during the pandemic, you have undoubtedly been affected financially in some way over the past 8 months. For those who have been furloughed or laid off, it’s more obvious. If you’ve kept your job, you might be operating in a limited capacity, experiencing setbacks, or have a decreased client base. Of course, some of us are luckier than others, but if you’re not Jeff Bezos or Elon Musk (who have seemed to profit endlessly during COVID), chances are your bank statement looks a little different than you thought it would.

So how do these changes affect how we’re spending this year? Here are 7 ways Americans have changed their spending habits since March.

Out of work, using up savings

For those who are out of work and require more to live on than the negligible unemployment amount (especially after the extra $600 in COVID relief expired), resorting to savings is a means of survival. I’m sure no one imagined the “rainy day” they were saving for would be the economic repercussions of a global pandemic, but here we are.

Slashing expenses, saving more

We all arguably have less to spend money on these days. Going out to eat and drink? Travel? Shows and events? Not so much. It’s possible our wallets might be feeling a bit flush (especially if you’re still employed). As a result, many Americans are putting this new extra cash into their savings. Re-fluffing your financial cushions is a smart move, no doubt about it.

Putting life on hold

Did you want to move to New York City last spring before all hell broke loose? Did you want to buy a house or go back to school? You’re not alone. With all the financial insecurity that COVID-19 has brought on, it’s no wonder why many Americans are putting their dreams on hold.

Paying off debts

Similar to stock-piling cash for saving, many Americans are taking this time to pay off debts they have, weather that be a mortgage, students loans or something else. Smart move, I must say.

Looking to buy a home

Have you saved so much during the pandemic that you actually have enough to make a down payment on a house? Good for you!

It’s also important to note here that this trend also applies to those who participated in the mass flights from major cities to the ‘burbs – why live in a tiny, cramped apartment during a pandemic when you could buy a spacious home 30 miles away?

‘Comfort shopping’

Ain’t nothing wrong with a little retail therapy. If you’re using your end-of-the-month surplus on fun items for you, your home or others, I totally get it. Chase that serotonin rush – times are hard out here!

All that aside, as a consumer, I find market trends and marketing techniques during COVID so interesting. Absolutely no shade if you end up buying that $80 face cream because #selfcare (I’ve been there), but I have a fun time dissecting the ways in which digital marketers are extorting the current moment for financial gain. Think about it the next time you’re about to buy something you 100% would not have in a pandemic-less world.

Donating more than ever

On the other side of the spectrum, many Americans who have a little extra to spend right now are helping out their communities and other funds by donating to them. Whether it be mutual aid funds that provide meals to members of the community who need it right now, or to national funds that support disenfranchised or marginalized groups hit hardest by the pandemic, Americans are donating more than ever – especially with their stimulus checks!

It’s always interesting to see how large-scale events impact micro-economies, such as individual American households. The discrepancy between those who are working and those who are not plays a crucial role in dissecting spending habits but have less to do with the overall picture than one might think.

It will be interesting to see if COVID-induced spending habits will just be a fad for these dire times, or if they will continue after a vaccine is widely distributed. It seems only time will tell.

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Business Finance

The responsibility of billionaires in tough times

(BUSINESS FINANCE) How have billionaires continued to grow wealthy in times of economic turmoil? And how can they try to improve others’ situations?

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Billionaires counting money at desk in journal

The COVID-19 pandemic has made the divide between economic classes in the US more clear than ever before. From housing to healthcare, one’s ability to survive the impact of these times has been largely dictated by income.

Billionaires, however, sit in a league of their own. Mostly, they have been impacted by becoming much wealthier.

Jeff Bezos is an easy example of wealthier billionaires. He has added $74 billion to his already eye-popping net worth over the 8-month course of the pandemic.

Not just because of the shift away from shopping in-person, either – Watchdog group public Citizen has alleged that Amazon raised its prices as much as 900% on essential goods like face masks, hand sanitizer, toilet paper, and shelf stable food staples, though Amazon has denied this. And while the company regularly speaks out against price gouging, their efforts primarily fixate on third parties.

But as far as I know, only one person has intentionally lost their billionaire status recently. The “James Bond of Philanthropy,” Charles Feeney, just shuttered The Atlantic Foundation after 40 years of giving. In that time, he has donated away nearly his entire $8 billion fortune to charities around the globe.

Feeney, now 89, cofounded Tourists International with Robert Miller in 1960. The luxury retail chain, later known as Duty Free Shoppers, was fueled by cash from international Asian tourism and military service members.

Unbeknownst to his fellow shareholders, Feeney transferred his company assets in 1982 to start the Atlantic Foundation and for years the Atlantic Foundation’s grants were bestowed totally anonymously. His secret wasn’t discovered until court documents regarding a conflict with Miller, his former business partner, forced him to come forward in 1997.

Feeny is far from broke today, living in a San Francisco apartment (hey, they’re expensive) and holding onto a tidy $2 million.

Still, he has given away the greatest proportion of his wealth out of all American philanthropists. The Atlantic Foundation’s legacy remains a powerful acknowledgement of the responsibility that comes with holding a vast quantity of resources and capital.

After all, human brains struggle to really ‘get’ the sheer scale of a billion – let alone give it away.

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