apple(aapl -3.77%) is one of the most valuable companies in the world. its embrace of innovation underpins nearly every development and technology it launches into the world. the tech giant has recently focused on developing its own financial ecosystem.
Apple device users are likely aware of these updates as they have been released in software updates over the past few years. The company’s first move into finance came when Apple launched Apple Pay in 2014.
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apple pay provides the foundation for all of your financial services users, such as customers and merchants, to stay in communication with each other. With Apple Pay, users can pay for items without having to flip through a wallet. instead, they can tap their phone or smartwatch on credit card terminals for payment.
This was just the beginning of Apple’s financial efforts. The company launched the Apple Cash feature in 2017. With Apple Cash, the tech giant plunged into the field of peer-to-peer electronic payments, which was dominated by companies like Paypal Venmo or Block the cash app. iPhone users can now send money to each other through a simple text message.
eventually, apple even launched its own credit card. Known as the Apple Card, Apple has partnered with Goldman Sachs and MasterCard to offer Apple customers their own credit option. Apple Cardmembers received a generous rewards program that offers 2% daily cash back on all purchases and 3% cash back on any Apple product purchase.
More recently, Apple announced the Apple Pay Later feature. this program allows users to split purchases into four different payments over a six-week period. It seems that the rise in popularity of similar products from companies like Klarna and Affirm fueled Apple’s recent effort.
the future of apple personal finance
apple has a substantial history of developing its financial ecosystem and continues to prioritize further investment in the personal finance sector. but what could be next? enter bitcoin (btc -1.04%).
tim cook, apple’s chief executive, was asked in november of last year if he owned any bitcoin at the new york times deal book conference. Taken a little by surprise, he replied that, in fact, he did own some bitcoins and that he had been interested in cryptocurrencies “for a while.”
Considering the path that bitcoin has forged over the last decade and apple’s quest to innovate in personal finance, you can imagine this topic has probably been covered extensively in cupertino at apple headquarters.
While nothing has been officially released, what would an apple-bitcoin integration look like? And more importantly, what would it mean for the future of bitcoin?
apple’s strong financial ecosystem provides an ideal foundation for further development with bitcoin. It wouldn’t be hard to imagine iPhone users having the ability to send bitcoins to other users with just a text message. As more businesses begin to accept crypto for payment, it would also make sense for consumers to be able to use crypto-enabled purchases for everyday items at the touch of a watch or phone.
let’s say apple took the next step and integrated with bitcoin; it would be the most significant jump in adoption the original cryptocurrency has ever received. Although it already integrates with other popular financial apps like Venmo and CashApp, a Bitcoin integration with Apple would immediately add over a billion iPhone users to the Bitcoin blockchain.
If bitcoin were to gain that kind of exposure, it would further strengthen its role in our increasingly digital world. Of course, most of this thinking is entirely speculative, but it is valuable analysis. Current trends indicate that to remain competitive, Apple (and many other tech companies) will have to find new ways to make Bitcoin more accessible or risk being left behind.
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