Fitbit acquires wearables payments from Coin
June 2, 2016
Connected health and fitness developer Fitbit has acquired the wearable payment assets of consumer electronics and fintech company Coin. The acquisition accelerates Fitbit’s ability to develop an active NFC payment solution that could be embedded into future Fitbit devices, broadening its smart capabilities.
According to Fitbit, there are no immediate plans to integrate Coin’s wearable payments technology into the the company's 2016 Fitbit product roadmap.
The acquisition excludes smart payment products, such as Coin 2.0.
“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."