NFC TIMES Exclusive Insight – Struggling U.S.-based fitness band maker Fitbit announced today it will introduce an NFC-based payments service, “Fitbit Pay,” after it launches its first-ever smartwatch, the Ionic, promising to enable major issuers in more than 10 markets globally to offer contactless payments supporting the Visa, Mastercard and American Express brands.
Fitbit, which has seen its once commanding market share in the wearables market tumble to low-cost Chinese rival Xiaomi, hopes the US$299 Ionic smartwatch, to be launched in October, will help it reverse a revenue slide of 40% during the first half of this year.
The watch will enable users to download apps that run on a new Fitbit OS. Not surprisingly, the watch will be heavy on preloaded fitness and health apps provided by Fitbit. There will also be at least four partner apps at launch, the Pandora music streaming service, a Starbucks Coffee app, Strava fitness tracker and social network and an AccuWeather weather program.