Pay by Fitbit? It could soon be a reality after this acquisition of assets from fintech startup Coin
Fitbit has indicated a move into payments with the acquisition of technology from a Silicon Valley firm specialising in wearable payments, meaning users might in future be able to pay for things simply by swiping their Fitbit.
The tech company has snapped up the assets of Coin, a startup in the fintech and wearables space which created a smart credit card with integrated bluetooth which works with a smartphone so you can sync several different cards to the device.
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Fitbit has acquired staff, and intellectual property "specific to Coin’s wearables payment platform" for an undisclosed sum.
While the wearables firm, which floated last year and received a serious bump from a bullish Wall Street analyst in recent weeks, said there were no plans to integrate the technology this year, it may do in future.
"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 solution that could be embedded into future Fitbit devices, broadening its smart capabilities," the company said
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The acquisition doesn't include Coin's smart payment products, such as Coin 2.0.
“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," said Fitbit co-founder and chief executive James Park.