Apple Pay exec: Cryptocurrency has interesting long-term potential

Jennifer Bailey, Vice President at Apple Pay, has said that the company sees value in cryptocurrencies.

"We're watching cryptocurrency," she told CNN's Chief Business Correspondent Christine Romans. "We think it's interesting. We think it has interesting long-term potential."

"This would be a major shot in the arm for crypto if Apple headed down this path," commented Dan Ives, an analyst at Wedbush Securities. "Given where Apple strategically is focused, a move into crypto could make sense given its sights on further monetising its consumers over the coming years."

Apple Pay launched in 2014 and has rolled out to various markets around the world. Apple remains tight lipped on how many people are currently using the mobile payments service, but it processes nearly one billion transactions a month. Since the launch, acceptance of contactless payments in stores has increased from 3% to over 70% in the US, according to Bailey.

"When you go to Europe, they bring you a wireless terminal. You can tap to pay," she added. "We see that happening in the US too, [but] it's still taking some time."