Jennifer Bailey says Apple is ‘watching cryptocurrency’, talks Apple Pay’s strengths and weaknessesSeptember 7, 2019
Cryptocurrency isn’t going anywhere anytime soon, so it would make sense that a company like Apple would be keeping an eye on it. And that’s exactly what’s happening, at least according to one executive.
Jennifer Bailey is the Vice President of Apple Pay, and she recently sat down with CNN at the news company’s The Table, a business-oriented private event. Bailey was talking about a variety of topics, including Apple Pay and how the company plans to improve the mobile payment option, but cryptocurrency was also a topic of the night:
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 fact that Apple sees cryptocurrency as having “long-term potential” could mean anything, at least as far as the company actually getting involved in some way. Apple is making a push into more financial areas, though. That started with Apple Pay, which is used all over the world and has become one of Apple’s most compelling and successful services to date. But it also now includes the Apple Card, the company’s first credit card in partnership with Goldman Sachs.
Does that mean Apple is planning on jumping on the crypto bandwagon at some point in the future? It certainly could! But Bailey didn’t make any firm plans in this regard, so maybe don’t get your hopes up just yet. Still, it doesn’t feel entirely impossible, either.
Moving beyond cryptocurrency, Bailey said that contactless payments have not been as well adopted in the United States as they have been in other markets, including Europe. Bailey added that things are looking brighter for the future, though, even as she admits that some businesses, like gas stations, might be slow to adopt because the change can be costly.
Security is apparently playing a part, too. Or at least a perception of security. Bailey says there is a “misperception” for some consumers that paying with a physical card is more secure than paying for something with 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
Bailey also touched on the fact that tipping in general is a bit tough in Apple Pay, acknowledging that customers would like to see Apple Pay do more in this area. However, Bailey didn’t go into any details here. But at least the VP is aware of it.
How often do you use Apple Pay? Do you wish you could use it more often?