Scalper1 News
Fitbit ( FIT ) signaled it might add mobile wallet capability to upcoming fitness trackers, as it announced Wednesday that it had bought the assets of financial technology firm Coin. San Francisco-based Fitbit said the transaction closed on May 12. Financial terms were not disclosed. The deal includes key personnel and intellectual property specific to Coin’s wearables payment platform. The acquisition excluded smart payment devices, such as Coin 2.0. “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 (near field communication) payment solution that could be embedded into future Fitbit devices, broadening its smart capabilities,” Fitbit said in a press release . Inclusion of payment technology into future Fitbit bands and watches would further the company’s strategy of making its products an indispensable part of people’s lives, CEO James Park said in a statement. Mobile payment technology lets consumers pay for items at tech-equipped retailers with the wave of a smartphone, smartwatch or other device using NFC technology. Examples include Apple ‘s ( AAPL ) Apple Watch and newer iPhones carrying the Apple Pay mobile payments service. Fitbit stock was down close to 1%, near 14, in late-afternoon trading on the stock market today . RELATED: Fitbit, Apple Lead In Wearables, But Other Brands Gaining Fast . Scalper1 News
Scalper1 News