Fitbit announced Wednesday that it has acquired wearable payments technology from Coin, a company based in Silicon Valley that has focused on financial technology and consumer electronics. The deal includes some staff and technology, but excludes Coin's smart payment products, such as Coin 2.0, a device that stores multiple credit and debit cards.
Consumers will likely have to wait to see payment functions added to their activity trackers, though. There are no plans to add the tech to Fitbit's 2016 product line. The team is instead focused on developing an NFC payment system for use in upcoming devices.
Meanwhile, Coin said it is no longer selling its smart payments products and is retiring the Coin Rewards and the Coin Developer Program. The company said Coin products will continue working through their expected two-year lifetime. Customer support will continue to be available and warranties will be honored.
A Coin representative didn't immediately respond to a request for additional information on the future direction of the company.