Fitbit’s latest business venture might allow all wearer’s of the fitness tracker to soon say, “charge it to my Fitbit.” The fitness tracker giant has acquired the mobile payment platform, Coin – a startup primarily known for developing a smart credit card that enables users to store multiple debit, credit and gift cards onto one single card. Fitbit’s acquisition is a clear indicator that the wearable maker is looking to expand the functionality and available features of their products, incorporating Coin’s technology into their next line of wearables and trackers.
Coin will still keep creative rights, licensing and ownership of their already created and established products, such as the Coin 2.0 smart credit card. However, with the Fitbit acquisition, the startup will no longer be selling this product. Still, those who have purchased the card will be able to continue using and operating the product for the remainder of its lifespan (roughly two years). Coin’s batteries are not replaceable, so once it’s all dried up…poof! While Coin has dabbled in the past with incorporating its mobile payment system into wearables with a MasterCard partnership, Fitbit should no doubt be able to streamline and spearhead this direction even further.
“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,” James Park, CEO and co-founder of Fitbit, expressed in a statement. “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.” Fitbit’s acquisition of Coin is a smart one, as many of their wearable and fitness tracker competitors have already instituted mobile payment options into their products. If the brand wants to remain the dominant wearable maker, incorporating and revolutionizing mobile payment features is a crucial next step.