Apple Pay to venture into cryptocurrencies?

Vice president of Apple Pay Jennifer Bailey, stated that Apple Pay was monitoring cryptocurrencies. He said that the company considered them as “interesting” as they had “long-term potential.”

Facebook‘s Libra has caused a commotion that even the slightest hint about virtual currencies by tech giants is enough to start a heated argument. Due to this, many remain silent about such matters.

However, Apple Pay chose to disclose its interest in the sector as a senior executive talked about the company’s interest in the matter. Jennifer stated that the company was not yet ready to invest in the sector but was keeping a keen eye on the topic.

Although the company’s involvement with cryptocurrencies is still undecided, this might stimulate the crypto markets. Apple is a huge company that has an excellent reputation in both the tech sector as well as the financial market. If the company ever decides to enter the crypto markets, it would be a huge leap both for Apple and cryptocurrencies as a whole.

Apple has been improving its financial network, and hence, a move into crypto almost comes naturally. Last month Apple announced the launch of its Apple Card that will come built-in its signature mobile device. Integrated into iPhone’s Apple Wallet app, the credit card is the company’s attempt at increasing the adoption for Apple Pay.

Apple Pay looking for further adoption

Apple Pay has had less success in the US compared to the United Kingdom and Australia. According to Jennifer payment acceptance with the US’ merchants has been seventy percent. Meanwhile, contactless payment acceptance is eighty-five and ninety-nine percent in UK and Australia, respectively.

However, Apple’s entry into the crypto sector will likely receive high criticism similar to Facebook and Google.

Although the entry of such firms into the crypto sphere increases its adoption, people believe that its negative impact is far more significant than its positive influence. People think that such involvements reduce the privacy provided by blockchain networks and hence risk user data.

Previously, Facebook has been accused of compromising user data while Google too can face government scrutiny.