Apple may not be fully on board the cryptocurrency train just yet, but it is definitely paying close attention. Vice President of Apple Pay, Jennifer Bailey, told CNN recently that the tech giant believes cryptocurrencies have “interesting long-term potential.”
Could Apple Pay someday incorporate cryptocurrencies? The idea does not seem so far-fetched given recent comments by a top executive at the tech firm.
Apple Goes Long on Cryptocurrencies
Jennifer Bailey told CNN‘s Chief Business Correspondent Christine Romans today that the company is definitely ‘keeping an eye’ on the industry. “We think it’s interesting. We think it has interesting long-term potential,” she said.
The topic of conversation was the future of payments and how Apply Pay will adapt to these changing times. With Facebook planning on launching its own cryptocurrency called Libra, Apple is definitely feeling the squeeze — and now it’s hinting that it may make a headfirst dive into the industry sooner rather than later.
Apple Pay is seeking to establish itself as one of the most-common payment options globally. Thus far, it’s been a success. Since launching in 2014, Apple Pay is now responsible for some 70% of all contactless payments in the United States. However, this is looking to be just the beginning.
As Baily told CNN, the company still has some basic educating to do — as most consumers still believe that “paying with your physical card is more secure than actually paying with your mobile phone.” This impression, first and foremost, needs to change.
Room for Speculation
How cryptocurrencies fit into Apple’s long-term plans is still unclear. Baily provided us with just a hint, confirming that the tech giant is actively paying attention to the industry. Given that Apple, the most valuable company in the world, is one of the few tech conglomerates not currently offering any blockchain-related services, its move into the cryptocurrency space would send shockwaves throughout the entire industry.
For now, we can only speculate—but Apple’s changing stance on cryptocurrencies nonetheless seems promising.
Do you believe that Apple Pay will someday incorporate cryptocurrency-based payments? Let us know your thoughts in the comments below.