Fitbit, Inc. (NYSE: FIT), the leading company in fitness tracking, today announced it has acquired wearable payment assets of Coin, a Silicon Valley based “smart” credit card maker to hold all of your credit cards on a single device. The deal has closed on March 12th, including the wearable mobile payments technology and related intellectual property.
Fitbit announced in a press release that "there are no plans to integrate Coin’s wearable payments technology into the 2016 Fitbit product roadmap." But the acquisition will definitely accelerate Fitbit`s ability to develop an active NFC payment solution for future Fitbit devices, which would be more 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."
Driven by the acquisition deal, Coin also announced today on website that “Coin will no longer sell its line of smart payment products (Coin 2.0 has sold out),” the company wrote, “Your Coin product will work for the duration of its lifetime (the built-in battery lasts for 2 years without any recharging required).” Besides, Coin`s rewards program would terminate immediately. But the company said it would continue to honor its limited product warranty for one year from the date of purchase.