Jennifer Bailey, the vice president of Apple’s payments service, Apple Pay, said that the company sees potential in cryptocurrencies.
CNN reported on Sept. 5 that Bailey told the outlet’s chief business correspondent 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 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.”
While Apple does not release the number of Apple Pay users, 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%.
According to the Apple Card Customer agreement, users will not be permitted to buy cryptocurrencies using the company’s upcoming credit card service.