While Apple does not release the number of Apple Pay users, the company claims that the service processes nearly one billion transactions per month. Bailey also claimed that since the product’s launch in 2014, store acceptance of contactless payments in the United States grew from 3% to over 70%.
Jennifer Bailey, the vice president of Apple’s payments service, Apple Pay, said that the company sees potential in cryptocurrencies.
CNN reported on Sept. 5 that Bailey told the outlet’s chief business correspondent Christine Romans at a private event in San Francisco:
“We’re watching cryptocurrency. … We think it’s interesting. We think it has interesting long-term potential.”
A shot in the arm for crypto
Apple’s interest in cryptocurrencies follows a similar widely-covered move announced by the social media giant Facebook, which announced its Libra cryptocurrency in June. CNN quotes Dan Ives, an analyst at Wedbush Securities, commenting:
“This would be a major shot in the arm for crypto if Apple headed down this the same as Facebook path. … Given where Apple strategically is focused, a move into crypto could make sense given its sights on further monetizing its consumers over the coming years.”
As Cointelegraph reported at the beginning of August, according to the Apple Card Customer agreement, users will not be permitted to buy cryptocurrencies using the company’s upcoming credit card service.
Crypto Insurance Market to Grow, Lloyd’s of London and Aon to Lead
The cryptocurrency insurance market is expected to grow at a faster rate if United States regulators provide more regulatory clarity, according to industry experts.
As Forbes reported on Sept. 5, CEO of San Francisco-based cybersecurity agency Coalition, Joshua Motta suggested that the market for digital currency insurance is now worth between $200 million and $500 million in premium revenue. He expects the market to outpace the current 20% to 25% expansion rate of the cybersecurity insurance sector.
Lloyd’s of London, the world’s leading insurance market providing specialist insurance services to enterprises, seems poised to become one of the major players in the crypto insurance sector following April news of Coinbase revealing insurance coverage for its hot wallet crypto holdings, reportedly covering a $255 million limit via Lloyd’s.
“The next cyber”
According to Eric Boyum, head of the technology insurance brokerage arm of Aon – an insurance broker that purportly occupies 50% of the crypto-insurance market – the crypto market insurance sector would grow even faster once U.S. regulators clarify whether digital assets are deemed securities and should comply with the same laws that govern public companies.
Commenting on the issue, Ty Sagalov, insurance industry veteran and founding member of the first licensed and regulated insuretech company in the U.S. Lemonade, said:
“I see this market as the next cyber. It will grow to a multi-billion-dollar premium market within the next five to ten years.”
Crypto goes into insurance
This summer, Coinbase was reportedly looking to launch its captive insurance company in partnership with Aon. Such a solution was expected to allow the company to keep the money that would be normally spent on the insurance premium, reportedly nearly all Fortune 500 firms maintain captive insurance companies.
Also, Aon will reportedly provide crime insurance coverage for institutions using Metaco’s SILO cryptocurrency asset infrastructure solution for hot and cold storage, which implements hardware security module-based technology.