Apple Exec sees long-term potential in cryptocurrencies

The vice president of Apple’s payments service, Apple Pay, has said that the company sees potential in cryptocurrencies.

September 5, 2019 | AtoZ Markets – Apple Pay vice president, Jennifer Bailey, has reportedly told CNN’s chief business correspondent Christine Romans at a private event in San Francisco that the company is paying attention to the sector.

“We’re watching cryptocurrency. […] We think it’s interesting. We think it has interesting long-term potential.”

Apple’s interest in cryptocurrencies follows a similar plan by Facebook to launch its widely anticipated Libra stablecoin sometime in 2020 with a consortium of partners including Visa, Stripe, Paypal, Uber and Spotify.

Apple has never before been tied to any digital currency-related projects and Bailey did not elucidate about the possible uses of the technology Apple might pursue.

However, the fact that the company’s Apple Pay head has said the company is interested in cryptocurrency gives us a glimpse into what is going on behind the scenes. Nevertheless, people shouldn’t expect a cryptocurrency product from Apple anytime soon’ said Bailey.

She further added that cryptocurrencies and QR code-based systems could be used as alternatives to credit cards.

“If you look at QR code payment solutions, if you look at the long-term potential of cryptocurrency, I think you’ll continue to see that change over time.”

In February, Apple submitted a filing with the Securities and Exchange Commission (SEC) that contained rare details about the computing giant’s interest in blockchain tech.

The document indicated that Apple was involved in the drafting of “Blockchain Guidelines” for the Responsible Business Alliance’s Responsible Minerals Initiative and had been working with the RBA’s blockchain team.

Elsewhere in the CNN report, Bailey said that in launching Apple Pay, the firm has made it harder for users to tip. The firm is looking at the problem, she indicated.

The exec also explained why the company had recently suggested users of the new Apple Card – which currently can’t be used to purchase cryptocurrencies – should keep it away from other credit cards, as well as leather and denim. “We want it always to look perfect,” she said.

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