Fitbit has purchased Coin’s wearable payments platform. For those who aren’t familiar, Coin was a company that produced “smart cards” – a device that tried to cram all of your credit cards into a single device. It was a success, shipping over 250,000 units, but this seems to be the end.
Announced in a post on Coin’s website, Fitbit has finished an acquisition that will “include key personnel and intellectual property specific to Coin’s wearables payment platform”. To be specific, Fitbit is not buying Coin, but they’re buying everything (and hiring everyone) that made Coin a success. While Coin has been sold out for some time now, they aren’t going to be selling any new smart payment products.
The post also includes a FAQ, which answers some important questions that customers might be thinking.
What happens to my current Coin smart payment device?
You can continue using it as you have been. Coin products will work through their lifetimes. The built-in battery is designed to last for 2 years from purchase without any recharging needed. Coin smart payment devices will still combine your credit, debit and gift cards. All product features will continue to function, with the exception of Coin Rewards, which is getting retired.
How can I get customer support?
Our Customer Support team members will continue to offer full technical support through our Coin Support Center.
What will happen to my data?
Coin products will continue to be protected by Coin’s security features (encryption, fraud prevention, Auto-Unlock, etc.). Accounts may be deleted by contacting Coin Customer Support.
How can I purchase new Coin products?
Coin 2.0 is sold out and there are no plans to produce additional units. The company has sufficient inventory to honor warranty claims.
One can assume that future Fitbit units will have some of Coin’s functions built in, like NFC payments. However, Fitbit has not yet announced when these features will be integrated into the platform.