Fitbit has acquired the wearable payment assets of Coin, a Silicon Valley consumer electronics and financial technology company.
According to the 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 Fitbit’s wearables this year, the acquisition accelerates its ability to develop an active NFC payment solution that could be embedded into future Fitbit devices and broaden its smart capabilities, the company said.
According to Fitbit, the acquisition is indicative of the company’s commitment to innovation, which centers 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 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.”