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As you might expect, Bailey went over some of the primary features of the Apple Card. That includes security, privacy and ease of use. But some of the VP’s other comments indicate Apple is looking into other areas in the financial and monetary spheres.
Cryptocurrency Is ‘Interesting’
Take cryptocurrency. Bailey noted that the Cupertino tech giant is “watching” the technology and thinks that “it’s interesting.”
“We think it has interesting long-term potential, but we’re primarily focused on what customers are using today … and are happy with,” Bailey said.
She added that, since most people are happy with their debit cards, Apple is focused on helping people use them in a more secure and seamless fashion.
Bailey did liken cryptocurrency to QR-based systems in China used as alternatives to credit cards, and that the potential could change over time.
Apple isn’t currently rumored to be working on crypto-related developments, unlike competitors such as Facebook. The company also bars cryptocurrency mining apps from its App Store and doesn’t allow the purchase of cryptocurrency using the Apple Card.
Bailey also noted that the proliferation of mobile payment systems and Apple Pay has caused some issues with tipping. She adds that Apple needs to “work more on that.”
Those who use Apple Pay and other mobile payment platforms stop carrying cash, of course. But Bailey notes that many Apple Pay users note that they’d like the company to add more tipping-related features.
“You’ll see in some of the point-of-sale systems now have great tipping functionality if you pay with mobile wallets,” Bailey said. “But still that personal touch is one area where we still need to work more on.”
As far as the future of Apple Pay and Apple’s other wallet-based systems, Bailey noted that one of the hardest areas to digitize will be government-issued identity documents.
That’s because these documents, like driver’s licenses and passports, need to be authenticated by the government. Bailey notes that some countries have begun to introduce mobile-based passports, which may be used at some airports today.
“It is moving and I think it will continue. It’s not too far away …” Bailey said. “It just won’t be as fast as some of the other activities we have.”
In addition to credit and debit cards, Apple’s Wallet app can support documents ranging from movie tickets and boarding passes to student IDs.
Third-Party Financial Apps
Lastly, Bailey made it clear that Apple is working on a way to allow users to export budgeting data to third-party financial apps like Mint. As of the writing of this article, Apple Card isn’t compatible with these financial apps. Bailey’s comments suggest that this isn’t going to be the case forever.