Fitbit acquires Coin assets to compete with Jawbone, Apple Watch in mobile payments

Android Pay may be making news as part of Google I/O, but elsewhere in the mobile payments sector, it’s wearables that have been making the waves.

Fitbit announced its acquisition of assets held by Coin, the mobile payment startup that crowdfunded its debut eponymous product. The maker of fitness trackers said that it will gain personnel, intellectual property and options to implement NFC-based mobile payments into future fitness bands. As the company itself and its products have not been acquired, Coin will continue selling its Coin 2.0 product.

Competitor Jawbone has a deal with American Express for its own NFC-enabled band while Apple Watches already come with Apple Pay.

Source: Fitbit
Via: Reuters

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Jules Wang
Jules Wang is News Editor for Pocketnow and one of the hosts of the Pocketnow Weekly Podcast. He came onto the team in 2014 as an intern editing and producing videos and the podcast while he was studying journalism at Emerson College. He graduated the year after and entered into his current position at Pocketnow, full-time.