Former Garmin Pay Technology Providers Sue Device Maker Claiming Unpaid Millions, Though Offer Scant Proof of Claims

By /
By: 

Dan Balaban

NFC TIMES Exclusive –  The founders of former payments wearables provisioning company Fit Pay, which was acquired last September for $3.3 million by smartwatch and fitness band maker Garmin, have sued the device maker and two other parties, claiming they are owed millions in missed earn-out payments.

Related stories, automatically selected: 
In-Depth: Fit Pay’s Troubles Indicate Difficult Business Case for Provisioning to Wearables
In-Depth: Garmin Pay Provisioning Company Fit Pay Hopes to Build on Early Lead with Spin-Off, but Larger Competitors are Gearing Up
In-Depth: Nxt-ID Gets Much-Needed Financing, Clearing Way to Spin Off Its Payments Wearables Provisioning Unit Fit Pay
Payments Wearables in 2017: Market Makes Progress but Continues to Move Slowly
Another Wearables Maker Enters ‘Pays’ Market with NFC-Enabled Device
Provisioning Companies for Payments Wearables Say Devices Headed to Market; Tokenization Key to Achieving Scale
Swedish Watchmaker Latest Passive Wearables Maker with Plans to Enable Payments
Provisioning Tokens to Swatch Watches in the Store: How SwatchPAY! Works
Garmin Pay Welcomes Support from Third U.S. Network but More Competition on Horizon
Swatch Expands Payments Service–Provides Affordable Analog Alternative to Smartwatches

read more