On Wednesday, Apple posted a job vacancy for a Business Development Manager, with experience in digital wallets, alternate payments like cryptocurrencies, who could lead the partnership program with key players in the alternative payments ecosystem. 

Apple’s interest in crypto follows increased global acceptance of cryptocurrencies as an alternate currency. Top companies like Tesla, JPMorgan, PayPal, MicroStrategy, Goldman Sachs are already offering crypto services to their clients. Facebook CEO Mark Zuckerberg is also planning on investing in cryptocurrencies as Libra is unable to take off after it faced significant criticism from regulators, central banks, and politicians.

Apple being a Tech leader wanting to join the crypto race is no surprise as demand for cryptocurrencies has been at an all-time high during this pandemic.

According to the job listing, "The Apple Wallets, Payments, and Commerce (WPC) team is seeking an experienced Business Development Manager to lead Alternative Payments Partnerships. We are looking for a proven professional in global alternative and emerging payment solutions. We need your help forming partnership framework and commercial models, defining implementation paradigms, identifying key players, and managing relationships with strategic alternative payment partners. This position will be responsible for the end-to-end business development, including screening partners, negotiating and closing commercial agreements, and launching new programs."

The job description doesn't mention a specific product or partnership but includes: managing the relationship with alternate payment partners, partner screening, negotiating and signing deals and launching new programs. It is looking to hire someone with alternative payments experience such as digital wallets, BNPL, Fast Payments, cryptocurrency and etc., which is one of the keys qualifications for the role.

According to reports, Apple has already been allowing users to spend on bitcoin through its wallet and it might soon support its wallet users for bitcoin transactions. BitPay, a bitcoin and cryptocurrency payment service provider recently allowed its users to spend with Apple Pay.

The move by Apple was not publicly announced but many experts in the field speculate that Apple will soon be entering the cryptocurrency space. If this happens, it would be a huge win for the crypto market, driving its demand. As a result, more countries might allow cryptocurrency use as an alternative to the traditional banking system.

Pavan A

CBW - External Analyst

INDIA