In an interview with CNN, Jennifer Bailey, the vice president of Apple Pay mentioned that the company is paying very close attention to the developments of the cryptocurrency industry and hopes to one day take a direct part in its development and inclusion in the iOS system.
The interview itself went quite smoothly as Bailey went to recognize the potential of using cryptocurrencies in something as large as Apple Pay. Although the company hasn’t disclosed the total amount of funds they process on a daily basis, we at least know that there are billions of transactions being processed every month.
The interest from Apple could be derived from other major players in the tech industry becoming heavily involved in the blockchain. Examples such as Facebook’s Libra which will be launching soon and a mass hiring streak of crypto engineers across the world.
Analysts are saying that Apple getting into the crypto industry would be a slight issue for cryptocurrencies, considering how it will dominate the transaction market compared to other altcoins.
The same issue lies with Libra. Although the transactions themselves will take place largely on the blockchain, it doesn’t mean it will benefit cryptos as a whole, it will benefit the local coins that these companies will create.
Promoting Apple Pay
Apple knows its customer base better than most corporations and therefore understands the relevancy of Apple Pay. The goal right now is to spread it all across the United States and dominate the market share as opposed to things like Visa or Mastercard. Should this feat be achieved, a more detailed consideration of adding cryptos can be tackled.
However, Apple has standards just like any other large corporation. Such standards have been voiced in the last couple of months or so, which could close off several industries from taking advantage of Apple Pay’s development.
One such industry is iGaming, which Apple has been vigorously distancing itself from. It’s safe to say that there will be not one real money online casino that will benefit from Apple’s addition of cryptos on the platform.
Why? Because the value of accepting cryptos will dissipate in this industry as customers shift to better options elsewhere.
It seems like every tech company is getting its feet wet in the financial sector. Facebook decided to go straight for cryptos, while Apple is doing so through a personalized plastic card and this digital wallet.
Although the wallet had been active in the last couple of years, only now did Apple start to push on its performance in a much more concentrated manner.
As things stand now, it’s very likely that Apple will introduce a cryptocurrency project just to stay competitive against Facebook’s Libra.