Apple, Inc. is pushing to consolidate and expand its Apple Pay services in a drive for a greater share of the $2 trillion global payments market. Will it take a bite out of Bitcoin and other blockchain solutions?
The California Macintosh and iPhone maker is in the process of ramping up its proprietary financial services technology and increasing Apple’s lending to iPhone users of Apple Pay.The Cupertino high-tech giant sounds serious about the project, dubbing the effort “Breakout” and seeking to replace its fintech partners with in-house solutions and infrastructure to bolster payments processing, credit checks, and other financial services.
While Apple Pay is a conventional digital wallet along the lines of PayPal, utilizing the company’s enormous cash reserves of USD and liquid USD equivalent securities to provide liquidity and backing for a proprietary database of payments kept by the company’s internal servers— it may still take a bite out of the peer-to-peer payments markets that are powered by cryptocurrency blockchains like Bitcoin .in 2020.
and others like CashApp that offer seamless cryptocurrency integrations powered by networks like Bitcoin.It could – here or there, especially among consumers who use the iPhone and Apple Pay already and have not yet adopted cryptocurrency. But it could also spur faster development of the technical requirements, business partnerships, and commercial marketing that would hasten market adoption of the blockchain for payments and lending.
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