Smart payments company Coin this week announced the shutdown of its various product services, officially closing product support, social media channels, and the connected Coin app on iOS and Android devices on February 28, 2017. The news follows the discontinuation of all Coin products last May, when Coin was acquired by Fitbit and the company subsequently ceased selling its line of smart payment cards.
With no new Coins available to purchase and its services shutting down, users will no longer be able to add new cards to the device without the mobile app being supported. Coins themselves will continue to work until their batteries die (two years from initial activation), so the company is encouraging users to add any cards they want before February 28.
With the acquisition of Coin by Fitbit, all business operations ceased on June 13, 2016. The company is no longer manufacturing, promoting, or selling any new devices or products.
Effective from February 28, 2017, the Coin product services will officially be shut down. As a result, support through the Coin website or through social media channels will no longer be available.
The original Coin, as well as Coin 2.0, was a single credit card-sized device that stored a collection of credit and debit cards that users could toggle through with a small button on the front of the Coin. Once the desired card was selected, users swiped Coin like any normal payment card, and the charge went through to whatever card was chosen.
Coin was first announced and began receiving orders in 2013, one year before Apple would launch Apple Pay in 2014, but Coins didn’t begin arriving to customers until 2015. Although Coin’s shutdown has been clear since the Fitbit acquisition last year, the growing popularity of smartphone mobile wallets like Apple Pay and Samsung Pay undoubtedly became large competitors to Coin’s business in 2015 and 2016.
In Fitbit’s own press release last year, the company described a deal that focused on the specific acquisition of “Coin’s wearables payment platform,” although at the time there were “no plans to integrate Coin’s wearable payments technology” into its 2016 roadmap. That still leaves future Fitbit devices in 2017 and beyond wide open for an “active NFC payment solution.”
Amid acquisitions of Pebble and luxury watch maker Vector Watch, Fitbit has faced lower-than-expected revenue results for the fourth quarter of 2016, leading to cuts of between 5 to 10 percent to its workforce. With Apple Watch gaining ground in the smartwatch space, Fitbit appears to be gearing up to launch a more feature-rich wearable with its own app store, mobile wallet, and more, instead of the activity-focused wearables it currently sells.
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