Jennifer Bailey, vice president of Apple Pay, tells CNN’s Chief Business Correspondent Christine Romans that the company is “watching cryptocurrency” as “it has interesting long-term potential.” Among them: the use of Apple Pay for tipping.
Cryptocurrency is a digital asset designed to work as a medium of exchange that uses strong cryptography to secure financial transactions, control the creation of additional units, and verify the transfer of assets. It’s an is an Internet-based medium of exchange which uses cryptographical functions to conduct financial transactions.
Cryptocurrencies can be sent directly between two parties via the use of private and public keys. These transfers can be done with minimal processing fees, allowing users to avoid the steep fees charged by traditional financial institutions.
CNN says Apple must deal 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.”