Jawbone enters mobile payments market with new fitness band, lands $300M funding
Jawbone, makers of fitness bands and other electronics, will start shipping its Up3 fitness tracker on April 20 after first announcing it in November. Coinciding with this, the company announced two new fitness trackers yesterday: the Up2, a midrange offering, and the Up4, notable because it includes mobile payments functionality in partnership with American Express. Jawbone has also reportedly raised a $300 million round of funding from BlackRock Funds, who most recently participated in a $100 million investment in data center and cloud security provider, Illumio.
Excluding the latest funds, Jawbone has raised $518.8 million over 11 rounds to date.
As for the company’s two new products, the Up2 slots in between the entry-level Up Move and the more expensive Up3. The Up2 boasts similar features to the Up24, but is smaller, has a new design and a fully adjustable strap. It includes the usual sleep and activity trackers and syncs with your phone via Bluetooth. It features vibrating notifications and Jawbone’s smart alarm clock, features absent from the entry-level Up Move.
The Up4, while more or less the same device as the soon-to-ship Up3, features NFC-functionality making mobile payments possible. Using the Up4 linked with their American Express cards, users will be able to make payments at NFC-enabled payment terminals anywhere in the U.S. where American Express contactless payments are accepted.
NFC payments on the Up4 will work in conjunction with the latest version of the UP app on iOS and Android. Users can add an Amex card via the Payments section in Settings and will also be able to deactivate a card there if needed.
The UP app won’t show transaction details, but Amex card holders can use the Amex Mobile app for account monitoring and other related services.
While NFC payments on wearables are not new –Apple Pay on the Apple Watch also uses NFC to make mobile payments possible – the Up4 will be the first “fitness only” wearable to introduce mobile payments.
The $179 Up3, delayed due to issues with waterproofing, starts shipping to those who pre-ordered next week. The Up2 is available now at Jawbone’s online store, Amazon and Best Buy for $99, although only in black for now. The Up4 is slated for release in the summer and will retail at $199.
Screenshot: SiliconANGLE via jawbone.com
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