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Apple Pay Chief Sees ‘Long-term potential’ In Crypto

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At an event in San Francisco, Jennifer Bailey, Apple Pay’s chief executive, spoke about the launch of Apple’s mobile payment service. Cryptocurrencies were also discussed in the interview with CNN.

Apple Pay was launched in the US about four years ago allowing contactless payment with the iPhone and Apple Watch.

Bailey did not want to reveal how many people use the Apple service four years after its launch. However, the company would process nearly one billion transactions per month.

At a private event in San Francisco, Jennifer Bailey discussed the future of payment transactions and the role of Apple Pay with CNN Business. Cryptocurrencies were also discussed during the discussion. The tech company is keeping an eye on digital currencies, Bailey said:

“We are observing cryptocurrency, We think it’s interesting. We think it has interesting long-term potential.”

Apple’s interest in cryptocurrencies comes just months after Facebook announced a cryptocurrency called Libra, which the social media giant is expected to launch next year.

Dan Ives, an analyst at Wedbush Securities, commented on Apple’s interest in cryptocurrencies to CNN Business, saying:

“This would be a great opportunity for Crypto if Apple were to follow this path. Given Apple’s strategic direction, a move toward crypto could make sense as it seeks to further monetize consumers in the coming years.”

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