PALO ALTO, Calif.—Smart credit cards that let you toggle between multiple digitally saved credit cards continue to struggle.
Plastc, which raised more than $9 million in preorders, failed to ever ship a product and filed for bankruptcy, The Verge reported.
CUToday.info reported on the technology in May.
“Coin, on the other hand, managed to ship a card, but ended its product services after Fitbit acquired the company. Still, the dream isn't dead, yet. A company called Edge announced that its acquiring Plastc for an undisclosed sum with the goal of incorporating its tech into the company's own all-in-one credit card,” The Verge stated.
Edge hopes to start shipping cards in the next seven months and won't rely on preorder money. Instead, it's depending on private equity, The Verge reported.
The company's CEO and co-founder Peter Garrett said the company's touchscreen technology was worthy of investment, as was its built-in customer base. Plastc had a problem "stitching (everything) together," he told The Verge, adding that the company was under pressure to ship, all leading to its demise.