Fitbit buys mobile payment technology from Silicon Valley startup

Reuters News
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Posted: May 18, 2016 9:37 AM

(Reuters) - Fitbit Inc said it bought wearable payment technology assets from Silicon Valley-based startup Coin, as it looks to develop mobile payment technology for its wearable fitness devices.

The terms of the deal, which was completed on May 12, were not disclosed.

Fitbit said on Wednesday that there were no plans to introduce the technology to its devices this year.

The deal would not materially affect the company, a spokeswoman told Reuters.

(Reporting by Narottam Medhora in Bengaluru; Editing by Sayantani Ghosh)