Fitbit buys mobile payment technology from Silicon Valley startup

By: |
Updated: April 17, 2019 4:14 PM

Fitbit Inc said it bought wearable payment technology assets from Silicon Valley-based startup Coin, as it looks to allow users to make payments through its popular line of wearable fitness devices.

Fitbit Inc said it bought wearable payment technology assets from Silicon Valley-based startup Coin, as it looks to allow users to make payments through its popular line of wearable fitness devices.

Coin makes devices that use near-field communication (NFC) chips. NFC allows users to pay for purchases through their wearable devices or smartphones.

The technology allows two devices placed in close proximity to exchange data with each other. A device with an NFC chip, such as a smartphone, communicates with similar chips located in terminals or at retailers, allowing users to make purchases through their devices.

Fitbit said on Wednesday that the company had no plans to introduce the technology to its devices this year, but may integrate it in future gadgets.

NFC has featured prominently in some smartphones, and popular services such as Apple Pay, Samsung Pay  and Google Wallet – helping the technology gain traction among retailers.

Fitbit rival Jawbone has already tied up with American Express Co to let users pay through its UP4 fitness band, Jawbone’s premium device.

Fitbit said on Wednesday that its deal with Coin includes key personnel and intellectual property.

The terms of the deal, which was completed on May 12, were not disclosed.

The deal would not materially affect the company, a spokeswoman told Reuters.

Fitbit’s shares were up 1.6 percent at $14.40 in early trading on Wednesday.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Government just made COVID-19 vaccine appointment tracker sites pretty much useless by updating CoWIN guidelines
2Twitter suspends several accounts that were trying to evade Donald Trump ban
3IBM unveils ‘world’s first’ 2nm chip, claims 45% faster performance than existing 7nm tech