Jennifer Bailey, the vice president of Apple’s payments service, Apple Pay, has revealed that the firm is eying cryptocurrency as it sees potential in it.
According to CNN report on Sept. 5, Bailey told its chief business correspondent Christine Romans at a private event in San Francisco saying that:
“We're watching cryptocurrency. [...] We think it's interesting. We think it has interesting long-term potential.”
Apple’s interest in cryptocurrencies follows a similar widely-covered move announced by the social media giant Facebook, which announced its Libra cryptocurrency in June. CNN quotes Dan Ives, an analyst at Wedbush Securities, commenting:
“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.”
The company claims that the service processes nearly one billion transactions per month. Bailey also claimed that since the product’s launch in 2014, store acceptance of contactless payments in the United States grew from 3% to over 70%.