Apple Exec: Cryptocurrency Has Interesting Long-Term Potential

The VP of Apple’s payments service Apple Pay, Jennifer Bailey, stated that the firm sees potential in cryptocurrencies.

CNN detailed on September 5 that Bailey told the news outlet’s chief business journalist Christine Romans at a private event in San Francisco:

“We’re watching cryptocurrency. […] We think it’s interesting. We think it has interesting long-term potential.”

Apple’s interest in digital currencies follows a comparable widely-covered move revealed by the social media mammoth Facebook, which unveiled its Libra cryptocurrency in June.

CNN cites Dan Ives, an analyst at Wedbush Securities, mentioning:

“This would be a major shot in the arm for crypto if Apple headed down this [the same as Facebook] 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.”

While Apple does not disclose the number of Apple Pay clients, the company asserts that the service processes about one billion transactions per month. Bailey also asserted that since the product’s dispatch in 2014, store acceptance of contactless payments within the United States increased from 3% to more than 70%.

It was previously reported in August that based on the Apple Card Customer agreement, clients would not be allowed to purchase cryptocurrencies utilizing the company’s upcoming credit card service.