By
Godfrey Benjamin
March 22nd, 2024
Apple’s job posting for hiring an executive with expertise in cryptocurrency sparks curiosity in the crypto community of whether Apple has started taking baby steps of its larger goals of dabbling into the digital asset ecosystem.
Cupertino-based tech giant Apple Inc (NASDAQ: AAPL) is looking to hire experts with strong experience in “alternative payments” and cryptocurrency. On Tuesday, May 25, Apple posted a job for the same sparking much excitement in the crypto community. The job posting looks for “Business Development Manager – Alternative Payments”.
The listing notes that the job role would rather include screening potential partners, negotiating, and signing the deals. The job posting notes:
“Lead the partnership program with key players in the Alternative Payments ecosystem, covering the complete process of partner identification, business case development and socialization, partnership negotiation, contract signing and execution, go to market launch and continued partnership value growth”.
Besides, Apple is also looking to launch new programs for its services like Payments, Apple’s Wallet, and Commerce Team. However, Apple hasn’t disclosed any specific partners or products they would be working on.
Interestingly, it puts some light on the alternative payment experience the company is looking for. This includes digital wallets, cryptocurrency, fast payments, and BNPL (Buy Now Pay Later).
Apple’s mention of cryptocurrency, however, doesn’t tell anyone of their intentions to dabble in the space. But it certainly gets the ball rolling. There have been some rumors in the past of Apple willing to start a crypto exchange. Paul Steves, an analyst with Royal Bank of Canada Dominion Securities believes that by doing so, Apple can permanently disrupt this industry. Earlier this year, Steves said:
“If [Apple] decides to enter into the crypto exchange business, we think the firm could immediately gain market share and disrupt the industry. The firm could unlock a multi-billion dollar opportunity with a few clicks.”
Apple: Digital Payment Ecosystem and Its Possible Entry into Crypto Space
Over the last few years, Apple has made some serious efforts in expanding its footprint in the digital payments ecosystem. Over the last few years, the company has taken efforts to improve service with Apple Pay and Apple Wallet. In the early days back in 2012, Apple Wallet facilitated digital boarding passes.
But now, in almost a decade, it has extended to several other services like peer-to-peer payments, Apple Pay, Apple Card, and other loyalty programs. Apple CEO Tim Cook has also been much vocal about reducing the use of physical cash and moving to digital payments.
Last year in 2020, Apple acquired software startup Mobeewave that converts NFT-embedded devices to payment terminals. Apple executives have been much silent, or rather disinterested, in the company’s direct entry into the crypto space.