As it stands we carry around a lot of cards, whether it be credit cards, debit cards, loyalty cards, discount cards, and so on. This takes up a lot of unnecessary space in our wallets, which is why when smart card Plastc was announced all those years ago, it was heralded as the next big thing because it basically combines all our cards into one.
Unfortunately it seems that the device has failed to take off because after 3 years and delays in shipments, the company has officially announced that they will be shutting down on the 20th of April and will also be filing for Chapter 7 bankruptcy. This was posted on the company’s website where they gave a brief explanation on how they got to where they are today.
Basically it sounds like the company’s investors and potential investors decided to pull out which meant that they were left without sufficient funds, but ultimately it seems that they weren’t able to keep themselves afloat and had to shut down. Oddly enough a report from Magnify Money revealed that the company had managed to raise $9 million from pre-orders, so it is unclear as to why that wasn’t enough to at least ship out a batch of cards to customers.
In any case we guess that’s it for the company, but in the meantime as far as mobile payments are concerned, the rise of Apple Pay, Android Pay, and Samsung Pay also means that maybe a separate piece of plastic might not even have been necessary in the first place.
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