There is hot competition out there for the first company who can successfully replace the physical wallet with a completely digital version. Google and Apple are the main contenders, but a small start-up may be inching ahead, with this amazing new piece of tech.

‘Coin’ is like a credit card. Or, to put it more accuratley, ‘Coin’ is like eight credit, debit or gift cards. Yup, it’s a digital credit card that connects to your phone via an app, where you can nominate eight cards to connect with your ‘Coin’.

Reports claim that it might hit the market by the middle of next year, and initial prices look to be set at around R1,000. Coin uses a patent-pending magnetic strip that you swipe like any other card. The reader device employs Bluetooth Low Energy and the impressive battery pack lasts two whole years, according to the company.

So it’s either buy this one, or wait for someone else to eradicate the wallet completely, and put a chip in your wrist. Or something to that effect.

[Mashable, YouTube]