Head of Apple Pay project Admitted Cryptocurrency Has Potential In the Long Run

By Chris Torres | September 8, 2019

Jennifer Bailey – current vice head of the Apple-designed payments project – Apple pay – share that cryptocurrency is a field much potential appealed to the firm. 

Reported by CNN on September 5, Bailey has shared her outlook regarding the possible future impact of digital coins with Christine Romans – CNN chief business correspondent. – during a private event hosted in San Francisco. 

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

Apple is not the only tech giant drafting plans to jump into crypto. Facebook has moved one step ahead with its self-developed stablecoin project – dubbed Libra – introduced in June this year. 

“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.” Dan Ives, an analyst at Wedbush Securities, remarked regarding Bailey’s comment. 

Although the exact number of customers currently on Apple Pay platform is yet to be disclosed, the number of services processed could shoot up to billions, as stated by Apple. Bailey further shared that since when the platform was officially rolled out 5 years ago (2014), store acceptance of contactless payments in the US has witnessed a dramatic surge, going from 3% to over 70%.

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