Apple Pay Executive Reveals Tech Giant’s Stance On Crypto, Says Industry Has Long-Term Potential

Apple Pay Executive Reveals Tech Giant’s Stance On Crypto, Says Industry Has Long-Term Potential

Vice President at Apple Pay Jennifer Bailey says that the tech giant is “watching” cryptocurrency.

Bailey’s comments came during a recent interview with CNN’s Chief Business Correspondent Christine Romans. The VP of Internet Services at Apple Inc. notes:

“We think [cryptocurrencies are] interesting. We think it has interesting long-term potential.”

Dan Ives, an analyst at Wedbush Securities, says crypto assets could be a good fit for the tech giant.

Apple Pay and Apple Card will play a leading role

“This would be a major shot in the arm for crypto if Apple headed down this path. Given where Apple strategically is focused, a move into crypto could make sense given its sights on further monetizing its consumers over the coming years.”

Bailey also believes Apple Pay and Apple Card will play a leading role in the future of payment technology.

Apple entered the mobile payments industry in 2014 by launching Apple Pay. When the service was introduced, the tech firm said it would “transform” the mobile payment industry by providing an intuitive and secure method of making payments via easy-to-use apps.

Apple’s management hasn’t revealed how many active users Apple Pay has, however the platform handles almost a billion transactions per month. Since its release in 2014, the number of US merchants accepting contactless payments has jumped from only 3% to more than 70%, Bailey notes.