Could the all-in-one credit card become reality?

Checking Credit Card

How cool would it be to have one single card, allowing you to switch between all your saved cards, including rewards credit cards and many more, in just a few easy moves? Well, it looks like it could become reality very soon, as the idea of an all-in-one credit card has a lot of fans. Simply put, you can have – let’s say – all your Visa card information, as well as from other cards, in one place.

According to The Verge, Plastc, a start-up who already raised more than $9 million in preorders, didn’t manage to ship their product and filed for bankruptcy.

On the other side, a company with a similar product, Coin, did manage to ship an all-in-one credit card, but the business was eventually ended, after being acquired by Fitbit.

But there’s still hope!

Another company, called Edge, just announced that they have acquired Plastc, for an undisclosed amount. Their main purpose is incorporating the tech they own in the all-in-one credit card, which should start shipping in the next seven months. As for initial Plastc backers, they won’t get the card for free, but will be eligible for a $50 discount, which is still better than nothing…

According to Edge CEO and co-founder Peter Garrett, the technology for turning this into reality exists, but the real challenge is to put everything into a tiny form factor. He compares this attempt to “creating the first iPhone”.

But besides this, these cards also need buy-in from major credit card companies, like Visa and Mastercard. And for the moment, Edge hasn’t received approval yet.

A market that’s hard to enter

This all-in-one credit card is part of a very difficult niche. After all, working with sensitive financial information requires strong security practices around data, as well as an updated app, keeping in touch with the smart card. Also, let’s not forget about the huge competition, generated by Apple Pay, Samsung Pay, and Android Pay.

Do you think there’s really a future for this type of card? Let us know, using the comments section below!

American Express