The cryptocurrency space has garnered a lot of attention after Bitcoin hit an all-time high in 2017. Facebook has already announced its own cryptocurrency called Libra. Tech and Finance companies are keeping a keen eye on crypto space. Apple Pay vice president Jennifer Bailey has said that Apple is ‘watching cryptocurrency’ and looking for ways to improve Apple Pay.
Bailey told CNN that cryptocurrency is something that Apple is already keeping a watch on and believes it has long-term potential. This the first time Apple has publicly shown interest in cryptocurrency. In all likelihood, Apple will add support for cryptocurrency trading on its Wallet app for iOS.
We’re watching cryptocurrency”, Jennifer Bailey, vice president of Apple Pay, recently told CNN’s Chief Business Correspondent Christine Romans at a private event in San Francisco. “We think it’s interesting. We think it has interesting long-term potential.
The Apple executive also remarked that the adoption of contactless payment is slower in the U.S as compared to Europe. However, he is optimistic that things will change in the future and the adoption of contactless payment will go up. Furthermore, he also explains how Apple is trying to counter customers argument that paying with a physical card is secure than Apple Pay. Perhaps this is where the launch of Apple Card comes into the picture. On a related note, Apple is also said to be working on improving the tipping feature on Apple Pay.
Apple must also grapple with what Bailey calls a “misperception” among some consumers that “paying with your physical card is more secure than actually paying with your mobile phone.” The truth, she adds, “is completely the opposite.” But Bailey admits “a lot of education” is still needed to help consumers understand that point.