Fitbit buys its wearable payments technology
How much are you close to technology? Yes, we are surrounded by the technology. Different types of technology has made our daily life easier. If you are a technology lover, here’s good news. Fitbit buys its wearable payments technology. It is approaching to add a mobile payments feature to its market leading line of activity trackers gradually.
Coin, a once-hot startup that is renowned providing a credit card replacement wallet. It has stopped selling its present device. This does not generate any new devices. The company said on its web solution. Also, the company acquired wearable payments technology since startup Coin last week. Yet, won’t assimilate the feature into new bands till next year, CEO James Park told Fortune. It deals with an intellectual property and main engineering and sales employees from Coin. But does not include the mobile wallet of company.
In addition the actual Coin wallet, sold on the company’s web site starting in 2013 but not delivered till 2015, facilitate a user to input different credit card numbers. Also, the user are allows to decide on a store and a magnetic stripe with the device will mimic the card in a checkout register. However, reviewers discovered the device did not always function as projected. An updated device previous year included NFC wireless payments competence.
However, the delays as well as faults was only included to the sense that the marketplace had already progressed past digital wallet concept of coin, records James Wester who is research director at IDC Financial Insights. “Really shipping a product seemed a challenge for them and all-in-one replacement cards have been a bust so far,” he said. “The all in one card decreases but does not eradicate the necessity to carry something more to make a payment, and that is precisely what payments are moving away from as demonstrated by the push to embed payments into wearables.”
Coin also supposed its rewards program terminates instantly. However, the company said it might continue to integrity its limited product assurance for a year from the date of buying.
The company also sold a distinct wearable mobile payments technologies it had advanced to Fitbit, together with associated intellectual properties. Staffs working on the wearable project also are moviing to Fitbit.
Regardless of the onslaught of new payment technology as well as service, most of the company has failed or underachieved as customers are slow to update themselves, with most still choosing to pay with simple credit cards or cash.