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Posted: 4/21/2017 9:22:36 AM EDT
Plastc launched in 2014 with the promise of shipping a single card that could digitally hold 20 credit or debit cards that a user could switch between. The company raised more than $9 million through preorders, and today, after shipping to no backers, the company said it’s planning to file for bankruptcy and will shut down.
With that, all backers’ money is lost, and no Plastc cards will ship. Plastc announced the news on its website today along with the fact that all its employees have been laid off. Its customer care and social media channels have also been shut down.
The team writes that it’s, “disappointed and emotionally distraught, and while we know this is extremely disappointing for you, we want our backers to know that we did everything we could to make Plastc Card a reality.”
The company explains that it thought it would close $3.5 million in funding in February this year, but that fell through. Another possible investment deal of $6.75 million fell through, too. What’s not clear is how more than $9 million wasn’t sufficient to get backers their orders. Backers will likely have questions and want their money back, but with no one to turn to from Plastc, they’ll likely be out the cash.

http://www.msn.com/en-us/money/companies/plastc-swiped-dollar9-million-from-backers-and-just-completely-vanished/ar-BBA5MpU?li=BBnbfcN&ocid=mailsignout

When I first heard about Plastc on a news website, I thought it was a joke and made a comment on it, everyone (who was probably a Plastc employee) said no, its going to be future, it's great and convenient. You have one card that holds your credit and debit card information. You pay them for that service... the convenience of not having to carry multiple plastic cards. How lazy do you have to be to pay a company to store data onto one card, that you could do for free by carrying multiple cards?
Link Posted: 4/21/2017 9:27:53 AM EDT
Quoted:<snip>
 How lazy do you have to be to pay a company to store data onto one card, that you could do for free by carrying multiple cards?
View Quote

People spend 10X on coffee ever day what it costs to make at home.
Link Posted: 4/21/2017 9:31:08 AM EDT
When my iPhone can do the same thing as a Plastc card why would I need the Plastc card?
Link Posted: 4/21/2017 9:32:21 AM EDT
Quoted:
Plastc launched in 2014 with the promise of shipping a single card that could digitally hold 20 credit or debit cards that a user could switch between. The company raised more than $9 million through preorders, and today, after shipping to no backers, the company said it’s planning to file for bankruptcy and will shut down.
With that, all backers’ money is lost, and no Plastc cards will ship. Plastc announced the news on its website today along with the fact that all its employees have been laid off. Its customer care and social media channels have also been shut down.
The team writes that it’s, “disappointed and emotionally distraught, and while we know this is extremely disappointing for you, we want our backers to know that we did everything we could to make Plastc Card a reality.”
The company explains that it thought it would close $3.5 million in funding in February this year, but that fell through. Another possible investment deal of $6.75 million fell through, too. What’s not clear is how more than $9 million wasn’t sufficient to get backers their orders. Backers will likely have questions and want their money back, but with no one to turn to from Plastc, they’ll likely be out the cash.

http://www.msn.com/en-us/money/companies/plastc-swiped-dollar9-million-from-backers-and-just-completely-vanished/ar-BBA5MpU?li=BBnbfcN&ocid=mailsignout

http://img-s-msn-com.akamaized.net/tenant/amp/entityid/BBA5KcQ.img?h=875&w=1310&m=6&q=60&o=f&l=f&x=467&y=404When I first heard about Plastc on a news website, I thought it was a joke and made a comment on it, everyone (who was probably a Plastc employee) said no, its going to be future, it's great and convenient. You have one card that holds your credit and debit card information. You pay them for that service... the convenience of not having to carry multiple plastic cards. How lazy do you have to be to pay a company to store data onto one card, that you could do for free by carrying multiple cards?
View Quote
Or one smartphone 

I am sure they are truly upset they couldn't make it work.  That 9 Mil they pocketed can barely keep them from total depression!
Link Posted: 4/21/2017 9:35:22 AM EDT
Why would anyone invest in a company that can't even spell plastic properly?
Link Posted: 4/21/2017 9:39:15 AM EDT
How I'd they expect this to catch on in a country that won't even adopt stuff like Fastpay or other touchless pay methods? 

It would have to be a BIG jump in convenience for me to stop just using a CC. 
Link Posted: 4/21/2017 9:46:29 AM EDT
Yeah, then and coin were DOA for any investor with half a brain.  Was surprised they got the VC they did when smartphones (and soon watches) could do the same.
Link Posted: 4/21/2017 9:54:44 AM EDT
Discussion ForumsJump to Quoted PostQuote History
Quoted:
Why would anyone invest in a company that can't even spell plastic properly?
View Quote
It's spelled Santa Claus, not Santa Clause.
Link Posted: 4/21/2017 9:58:53 AM EDT
Link Posted: 4/21/2017 10:24:16 AM EDT
Discussion ForumsJump to Quoted PostQuote History
Quoted:
When my iPhone can do the same thing as a Plastc card why would I need the Plastc card?
View Quote
o

I don't even trust my iPhone to do that. Why would I trust some company to put it all on one card.
Link Posted: 4/21/2017 10:27:43 AM EDT
Yeah I'm thinking Apple Pay and Android Pay had something to do with that. Now you don't need to carry any debit cards with you l (assuming the store accepts Apple Pay)
Link Posted: 4/21/2017 10:34:17 AM EDT
Google will supply that service-- on a single card-- within the year.
Link Posted: 4/21/2017 10:43:48 AM EDT
long ago, in a galaxy far away

Attachment Attached File
 
Link Posted: 4/21/2017 10:48:30 AM EDT
A fine idea for it's time, but it's been rendered obsolete by Apple/Android/Samsung Pay.
Link Posted: 4/21/2017 10:52:05 AM EDT
In 2014 it wasn't really a bad idea.
It's basically ApplePay & SamsungPay. Load cards on your device and choose which you want to use.

I'm seeing more touchless terminals show up which is good because it's faster than using those gawd awful chipped cards.
I understand the security but it takes forever for those things to approve your payment. When I use ApplePay it's just as fast as when I swiped the card
Link Posted: 4/21/2017 11:04:20 AM EDT
Discussion ForumsJump to Quoted PostQuote History
Quoted:
Yeah I'm thinking Apple Pay and Android Pay had something to do with that. Now you don't need to carry any debit cards with you l (assuming the store accepts Apple Pay)
View Quote
That's the kicker. I love Apple pay but at this point it can never replace a regular card. Mostly the stores fault from what I've read.
Link Posted: 4/21/2017 11:13:13 AM EDT
Never heard of it...so maybe that was their problem.  I likely wouldn't use that service anyway.  I'm pretty slow adopting new payment methods.

In other bankruptcy news, I hear PawnAmerica is having financial problems too.
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