Fitbit has acquired wearable payment platform Coin for an undisclosed sum, in order to help it incorporate an NFC payment solution into its activity trackers and other wearable devices.
The deal includes ‘key personnel’ as well as intellectual property from Coin, though Fitbit doesn’t seem too interesting in its actual products. It says ‘there are no plans to integrate Coin’s wearable payments technology into the 2016 Fitbit product roadmap’ and the deal doesn’t include Coin 2.0, the company’s flagship payment product.
The latter will be discontinued following the acquisition, along with Coin Rewards and the Coin Developer Program. Any existing users will be able to continue using the Coin 2.0 for its remaining lifespan – “the built-in battery lasts for two years,” reads Coin’s announcement, rather sadly.
“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.”