Plastc files for bankruptcy

[ARCHIVED THREAD] - Plastc files for bankruptcy

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?

Posted: 4/21/2017 9:27:53 AM EDT

[#1]

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.

Posted: 4/21/2017 9:31:08 AM EDT

[#2]

When my iPhone can do the same thing as a Plastc card why would I need the Plastc card?

Posted: 4/21/2017 9:32:21 AM EDT

[#3]

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!

Posted: 4/21/2017 9:35:22 AM EDT

[#4]

Why would anyone invest in a company that can't even spell plastic properly?

Posted: 4/21/2017 9:39:15 AM EDT

[#5]

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.

Posted: 4/21/2017 9:46:29 AM EDT

[#6]

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.

Posted: 4/21/2017 9:54:44 AM EDT

[#7]

Quote 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.

Posted: 4/21/2017 9:58:53 AM EDT

[#8]

Quoted: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?

View Quote

What they missed is value added like the ability to carry more things in the card like passwords and account names doing an NFC to a cell phone or locking the cards/data with two factor. I'm kind of surprised it didn't take off actually.

I dream of the day when we have something impossible to hack in order to steal your identity like 10 digit decimal number instead of a nine digit one.

Posted: 4/21/2017 10:24:16 AM EDT

[#9]

Quote 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.

Posted: 4/21/2017 10:27:43 AM EDT

[#10]

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)

Posted: 4/21/2017 10:34:17 AM EDT

[#11]

Google will supply that service-- on a single card-- within the year.

Posted: 4/21/2017 10:43:48 AM EDT

[#12]

long ago, in a galaxy far away

Attached File

Posted: 4/21/2017 10:48:30 AM EDT

[#13]

A fine idea for it's time, but it's been rendered obsolete by Apple/Android/Samsung Pay.

Posted: 4/21/2017 10:52:05 AM EDT

[#14]

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

Posted: 4/21/2017 11:04:20 AM EDT

[#15]

Quote 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.

Posted: 4/21/2017 11:13:13 AM EDT

[#16]

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.

[ARCHIVED THREAD] - Plastc files for bankruptcy

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