Fitbit acquires Coin’s wearable payments assets

Fitbit has acquired wearable payment assets of Coin

Fitbit acquires Coin’s wearable payments assets

Wearable fitness device maker Fitbit has acquired wearable payment assets of Coin, a consumer electronics and financial technology company. Terms of the deal weren’t disclosed.

The deal includes key personnel and intellectual property specific to Coin’s wearables payment platform, however it excludes smart payment products, such as Coin 2.0.

Fitbit in its statement said that there are no plans to integrate Coin’s mobile payment technology into any 2016 products.

The statement added that the acquisition “accelerates Fitbit’s ability to develop an active NFC payment solution that could be embedded into future Fitbit devices, broadening its smart capabilities.”

Fitbit CEO and co-founder James Park said: “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.”