Vice President of Apple Pay, Jennifer Bailey, in an interview to CNN, said that the company is “watching ” the cryptocurrency and they think it has interesting long-term potential. Bailey also spoke about the future of digital currencies and digital payments.
Apple earlier launched its Apple card with the collaboration of Goldman Sachs and Mastercard. Currently, Apple is not involved in any crypto-related project. Apple is not the only tech giant to get behind crypto. Earlier Facebook announced to launch its cryptocurrency Libra and payment processing company Square is also hiring crypto engineers.
Dan Ives, an analyst at Wedbush Securities, told CNN that it would be a great shot for crypto if Apple is headed down this path. He further added that given where Apple’s move into crypto could make sense given its sights on further monetizing its consumers over the coming years.
Businessinsider reported that service revenue generates Apple’s 20% income quarterly. And the introduction of financial products would fall in line with the company’s ongoing push in service revenue growth.