Fitbit buys Coin to move into wearable payments market
May 25, 2016
Connected health and fitness company Fitbit has acquired the wearable payment assets of Coin, a Silicon Valley consumer electronics and financial technology company.
The deal includes key personnel and intellectual property specific to Coin’s wearables payment platform.
While there are no plans to integrate Coin’s wearable payments technology into the 2016 Fitbit product roadmap, the acquisition accelerates Fitbit’s ability to develop an active NFC payment system that could be embedded into future Fitbit devices, broadening its smart capabilities. The acquisition excludes smart payment products, such as Coin 2.0.
This acquisition is said to be indicative of Fitbit’s commitment to innovation, which centres on making connected health and fitness devices that are motivating, smart, and stylish.
“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. The inclusion of their payment technology into our offerings will further our strategy of making Fitbit products an indispensable part of people's lives."