Fit Pay
Fit Pay builds contactless NFC payment technology embedded in wearable devices, enabling phone-less, app-less payments across Visa, Discover, and Mastercard on Garmin smartwatches and cycling computers.
- Company typePublic
- Founded1989
- HeadquartersSan Francisco, United States
- Headcount1–10
- GTM typeB2B
- OfferingSoftware
What Fit Pay does
Fit Pay is a San Francisco-based for-profit technology company founded in 2014 that builds contactless NFC payment infrastructure purpose-built for wearable devices. Its core platform enables phone-less and app-less payment experiences on smartwatches and cycling computers, using virtual card number tokenization and a 4-digit passcode authorization flow so that physical card numbers are never stored on device, on backend servers, or shared with merchants at point of sale.
The platform is commercially deployed as an embedded OEM feature inside Garmin's wearable line — branded as Garmin Pay — and ships pre-installed across fēnix 8, Venu 4, Forerunner 970/570, Instinct 3, tactix 8, Enduro 3, and Edge cycling computers. It supports the major card networks (Visa, Discover, Mastercard) and is accepted at standard contactless payment terminals as well as select transit systems in the US, UK, and Germany. Distribution, customer provisioning, and wallet management are handled through Garmin's channels: Garmin product pages, the Garmin Connect app's Garmin Wallet feature, and the Connect IQ Store (where the wallet is also used to purchase premium watch faces and apps).
Fit Pay's revenue mechanics are not publicly disclosed; the technology is sold only as an embedded component within Garmin devices, with no standalone pricing. The company is small (1-10 employees) and is privately held, with a single disclosed capital event: a $3.1M early-stage funding round in February 2016 led by Giesecke+Devrient with Plug and Play participating. Its customer base is effectively a single OEM relationship rather than a multi-tenant software business.
Fit Pay firmographics
Firmographics- Name
- Fit Pay
- Legal name
- Garmin Ltd.
- Website
- https://fit-pay.com
- Company type
- Public
- Founded year
- 1989
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- Fit Pay builds contactless NFC payment technology embedded in wearable devices, enabling phone-less, app-less payments across Visa, Discover, and Mastercard on Garmin smartwatches and cycling computers.
- Ownership category
- akta.pro rank
Fit Pay industry classification
Industry- Product category
- Wearable Payment Technology
- akta.pro primary industry
- POS, SoftPOS & In-Person Acceptance Infrastructure (FSAGABAO)
- akta.pro secondary industries
- Mobile Wallets (NFC Tap-to-Pay / HCE) (FSAMAEAB), Transit & Ticketing Wallets (FSAMAEAG), Embedded Payments (Pay-ins, Pay-outs, Wallets) (FSAGALAB)
Keywords
Where Fit Pay is headquartered
LocationHeadquarters
- HQ city
- San Francisco
- HQ country
- United States
- HQ region
- North America
Markets served
Fit Pay business model
Business model- GTM type
- B2B
- Offering type
- Software
- Cost components
- Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure
Distribution channels1 record
Marketing channels3 records
Fit Pay product offering
Product offeringCore offering
Fit Pay provides a contactless NFC payment technology platform that enables wearable devices (such as smartwatches and cycling computers) to process secure, on-the-wrist payments without requiring a phone or app. The platform uses virtual card number tokenization, 4-digit passcode protection, and multi-card network support (Visa, Discover, Mastercard) to enable consumers to make payments during physical activities, and is embedded within Garmin's fitness devices via the Garmin Pay feature.
Differentiator
Problem solved
Functional benefit
Products and services
- Fit Pay Contactless Payment Platform B2B contactless NFC payment technology platform that enables wearable device OEMs to embed secure, tokenized payment capabilities directly into their smartwatches, cycling computers, and other wearables. Uses virtual card number tokenization, 4-digit passcode protection, and supports Visa, Discover, and Mastercard networks along with select transit systems.
- Garmin Pay Consumer-facing contactless payment feature built on Fit Pay's technology and embedded in compatible Garmin devices including fēnix 8, Venu 4, Forerunner 970/570, Instinct 3, tactix 8, Enduro 3, and Edge cycling computers. Users add payment cards via the Garmin Wallet in the Garmin Connect app and pay by entering a passcode and tapping the device near a contactless card reader. Also supports purchases in the Connect IQ Store.
Companies that use Fit Pay
Customer profileSegments1 record
Ideal customer profiles1 record
Fit Pay technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature5 records
Fit Pay partnerships and signals
Strategic signalRecent moves4 records
Expansion highlights4 records
Fit Pay competitors and assessment
Company assessmentBroad incumbents
- Apple (Apple Pay): Apple Pay is the dominant NFC tap-to-pay wallet in the market, integrated into iPhone and Apple Watch. It competes directly with Fit Pay's wearable payment use case for fitness-oriented consumers, though it is vertically integrated with Apple's own device stack.
- Google (Google Pay): Google Pay is a major NFC and in-app wallet available on Android devices and Wear OS smartwatches, including Fitbit. It overlaps with Fit Pay's wearable payment proposition across card networks and transit acceptance.
- Samsung (Samsung Pay): Samsung Pay delivers NFC and MST-based contactless payments on Galaxy smartphones and Galaxy Watch wearables, directly addressing the same phone-less payment use case that Fit Pay targets on Garmin devices.
Others
- Garmin Ltd. Garmin is both Fit Pay's primary distribution partner and the operating entity under which Fit Pay's technology is commercialized as Garmin Pay. It is included as a customer/partner reference rather than a competitor.
- NXP Semiconductors: NXP supplies the NFC controllers and secure elements commonly used in wearable payment devices. Fit Pay's tokenization and acceptance stack relies on the secure element hardware NXP provides, making NXP an enabling infrastructure peer.
- STMicroelectronics: STMicroelectronics provides NFC controllers and secure-element ICs used across wearable and payment devices, supplying underlying hardware that wearable wallet solutions like Fit Pay's depend on.
- Giesecke+Devrient: Giesecke+Devrient is both a Fit Pay investor and a global provider of payment, connectivity, and identity solutions, including trusted execution environments and mobile payment platforms that compete with or complement Fit Pay's stack.
Emerging players
- Fitbit (Google): Fitbit devices support Google Pay for contactless payments, putting Fitbit into the same wearable payments category as Garmin Pay. It is a fitness-device peer competing for the same fitness-enthusiast use case that Fit Pay targets.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat3 records
Key risks5 records
Key highlights5 records
Customer concentration
Fit Pay social profiles
Digital presenceFit Pay financial estimates
Financial estimateRevenue estimate
Valuation estimate
Fit Pay leadership team
Management profileNumber of profiles
Fit Pay subsidiaries and ownership
Company hierarchySubsidiaries1 record
Fit Pay funding detail
Funding detailFunding overview
Funding rounds1 record
Investors2 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Fit Pay M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Fit Pay
What does Fit Pay do?
Fit Pay provides a contactless NFC payment technology platform that enables wearable devices (such as smartwatches and cycling computers) to process secure, on-the-wrist payments without requiring a phone or app. The platform uses virtual card number tokenization, 4-digit passcode protection, and multi-card network support (Visa, Discover, Mastercard) to enable consumers to make payments during physical activities, and is embedded within Garmin's fitness devices via the Garmin Pay feature.
Is Fit Pay a public or private company?
Fit Pay is a public company. It is classified as venture growth investor backed and is currently operating.
When was Fit Pay founded?
Fit Pay was founded in 1989. It employs 1 to 10 people.
Where is Fit Pay based?
Fit Pay is headquartered in San Francisco, United States, in the North America region.
Who are Fit Pay's main competitors?
Broad incumbents on record are Apple (Apple Pay), Google (Google Pay) and Samsung (Samsung Pay). Others are Garmin Ltd., NXP Semiconductors, STMicroelectronics and Giesecke+Devrient. Fitbit (Google) is listed as an emerging player.
Does Fit Pay have an API?
No public API is recorded for Fit Pay.
What industry is Fit Pay in?
Fit Pay's product category is Wearable Payment Technology. Its primary akta.pro industry code is FSAGABAO, POS, SoftPOS & In-Person Acceptance Infrastructure, with a secondary code of FSAMAEAB, Mobile Wallets (NFC Tap-to-Pay / HCE).