Fitbit acquires Coin wearables payment platform

Fitbit BlazeFuture Fitbit wearables may not only track your health and fitness but also allow you to easily make mobile payments. The company today announced that it has acquired Coin’s wearable payment assets. These include key personnel and intellectual property specific to the wearables payment platform.

“We are focused on making wearable devices that motivate people to reach their health and fitness goals, and that also make their lives easier with the smart features they need most,” said James Park, CEO and co-founder of Fitbit. “Coin has been one of the key innovators in advanced payment solutions. The inclusion of their payment technology into our offerings will further our strategy of making Fitbit products an indispensable part of people’s lives.”

Fitbit does not currently have plans to integrate technology from the Coin wearables payments platform into any 2016 Fitbit products. The acquisition will instead allow it to accelerate its own plans to develop an active NFC payment solution that could be embedded into future devices. If a Fitbit capable of mobile payments does not come out this year, it is almost certain that one will do so next year.

The acquisition does not include Coin’s line of smart payment products. No new devices will be offered but existing ones will continue to operate until their built-in battery runs out. Coin has also closed its Coin Rewards and the Coin Developer programs after the acquisition.

Unlike many acquisition announcements, this one has already closed.

Source : Fitbit