Fitbit acquires wearable payments technology

Fitbit smartwatches
Chris Ratcliffe | Bloomberg | Getty Images

Fitbit said Wednesday that it has purchased a wearable payments platform from financial technology company Coin.

The wearable fitness tracking company said in its statement that while Coin's platform won't be integrated into its products this year, the deal will help Fitbit more quickly develop the near-field communication abilities of its future products.

"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, said in a statement.

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The deal includes "key personnel and intellectual property specific to Coin's wearable payment platform," according to Coin's statement.

Fitbit also said that the acquisition does not include Coin's smart payment products like Coin 2.0, which allowed users to store multiple cards on one device.

While the product has sold out, Coin said it will continue to function for its lifetime, approximately the two-year lifespan of the built-in battery. The company said that it has no plans to produce new units, but has "sufficient inventory to honor warranty claims."

The financial technology company also said on Wednesday that it is retiring Coin Rewards and the Coin Developer Program.