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    New Kind of Payment System Might Replace Cash and Credit Cards

    Geo Beats

    by Geo Beats

    A new form of payment system that is being released next summer might be the future of how people pay for things.

    Just when you thought Square was cool, a new payment system was recently launched that might be the future of how we pay for things.

    Created by a startup company out of San Francisco, Coin is a payment system that can hold the information from up to eight different accounts, including gift cards, debit, and credit cards on a single card size device.

    Using a Bluetooth signal, Coin works by swiping existing cards through a card reader on a smartphone and taking a picture of the card so that users can switch between charging different accounts without having to carry more than one card. Available for pre-order, the device will ship next summer.

    There are many different digital or cashless payment options, with new ones on the horizon as an increasing number of people prefer the convenience of not carrying currency.

    People in the United States have reportedly been using cash less and less, and a survey from Chicago public relations firm Walker Sands Communications says that almost one out of five consumers don’t carry cash and one out of 20 said that they never use cash and even go so far as to not shop in places that only accept cash.