Fitbit said acquiring the wearable payment assets of US start up Coin will accelerate its ability to put an NFC capability into future devices.
The wearables firm, which did not disclose the value of the deal that closed on 12 May, said it was taking on key personnel as well as intellectual property relevant to Coin’s wearable payments tech.
The deal excludes Coin’s smart payments products, including Coin 2.0.
Coin 2.0 enables users to combine credit, debit, gift and membership cards on a single card. The startup will no longer offer the product, following the Fitbit deal (Coin 2.0 is sold out anyway).
Coin 2.0 will work for the duration of its lifetime (the built-in battery lasts for two years), the firm said. Coin also recommends existing users update to the latest version of its app. The firm’s rewards and developer programme are being retired, following the announcement.
Fitibit said it has no plans to integrate Coin’s wearable tech immediately into its 2016 product roadmap, but the acquisition does speed up its ability to develop an NFC payment capability to embed into future Fitbit devices.