Crypto Payments in Apple Pay aren’t Coming Anytime Soon

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Key Takeaways:

  • Crypto Payments in Apple Pay aren’t Coming anytime Soon even though Tim Cook has expressed his interest in cryptocurrency.
  • Apple will not be using its treasury to buy cryptocurrencies.
Crypto Payments In Apple Pay Aren'T Coming Anytime Soon
Crypto Payments in Apple Pay aren’t Coming Anytime Soon

Tim Cook, the CEO of Apple, has expressed his interest in the cryptocurrency market. He revealed that he is a crypto investor himself. He expressed his views on cryptocurrencies while speaking at the New York Times DealBook online conference. Tim Cook stated that he has been interested in and researching the crypto space for some time, even though Apple has nothing to do with his outlook. 

 Unlike Elon Musk’s Tesla, Cook dismissed the idea of accepting crypto coins via Apple Pay anytime soon, stating that the company has no immediate plans to integrate cryptocurrency.

Tim Cook said that 

“It’s something we are looking at. It’s not something we have immediate plans to do. I would characterize it as there are things that I would not do, as our cash balance. I don’t think people buy Apple stock to get crypto exposure. So if they want to do that, they can invest directly in crypto through other means.”

A video clip on Twitter has been trending. The video clip is of Tim Cook’s interview with NYT journalist Andrew Ross Sorkin. This video is a conversational video where NYT journalist Andrew Ross Sorkin asks questions related to cryptocurrency. Tim Cook answers his questions by saying it is reasonable to own cryptocurrency as part of a diversified portfolio. This is the first time that Cook has spoken on cryptocurrencies in public.

Apple’s work around cryptocurrencies has been in the news since 2019. As per a CNN report in September 2019, Jennifer Bailey, the Vice President of Apple Pay, revealed that the iPhone-maker is attentive towards the crypto space and sees cryptocurrencies as assets with “interesting long term potential.” 

Cook discussed Apple’s contentious App Store commissions during the event. He defended the company’s position by claiming that most developers only pay a 15% commission rather than the complete 30%. As a result, users who want to side-load apps can get an Android device instead of an iPhone. Cook even said that augmented reality is still a core technology for Apple regarding the metaverse.

Apple does not currently offer any cryptocurrency-related products or services, nor does it accept cryptocurrency payments. Apps for crypto wallets are available on its App Store, but crypto-mining apps are currently prohibited.

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Chaahat Girdhar

I'm Chaahat Girdhar, a journalist by profession who's turning her dreams into vision and vision into reality. I'm curious and have an appetite for gaining new knowledge. So I'm looking forward to learning things in the better way possible.

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