In a recent interview with CNN, a representative of Apple Pay talked about the potential of introducing cryptocurrency payments on Apple Pay, which is starting to hit billions of transactions nearly every single month.
However, Apple needs to consider the options very carefully as they’ve already announced its denial of crypto payments through a new plastic card they’ve launched. Therefore, should a crypto platform be introduced to Apple Pay, it would seriously contradict the company’s actions in the past.
However, that is not the reason that Apple Pay may lose millions of potential users if it implements crypto payments. The reason is Apple’s policy on online gaming operations, more specifically its aversion towards it.
Up until a few weeks ago, the app store was filled with social gaming applications, which were readily accessible to any potential user. However, a new policy forced them under the 18+ classification, thus pretty much removing them from anybody’s radar. Almost all of the casino slots here had a social version on the app store, which is now considered taboo by the world’s largest company.
This is a serious loss of traction for them, which could cause a ripple in their relationship with Apple. More specifically, they can simply deny any type of payment method through Apple Pay or the Apple Card.
But why should Apple even care?
It’s no secret that the online gaming industry has been actively shifting its financial focus on cryptocurrencies rather than the traditional bank transfers or online wallets it uses on a regular basis.
The reasoning is very simple. When players deposit via cryptocurrencies they tend to avoid any and all monitoring capabilities of their respective governments and banks, thus saving themselves from unnecessary damage to their credit scores.
Furthermore, players are able to use cryptocurrencies for faster withdrawals as well as cheaper ones. The withdrawals are usually on a fixed price due to the Bitcoin network, while other platforms have a percentage. Therefore, the larger your withdrawal, the more you have to pay to get it.
The next benefit that players find is liquidity. Almost every casino is willing to accept Bitcoin payments, and allow players to withdraw via fiat currencies. This has turned into a pipeline that players use in order to avoid any government taxation attempts. The overall process is quite complicated but serves a simple purpose, avoid the government at all costs.
Similar to Facebook’s Libra, Apple’s blockchain initiative would immediately be bombarded with criticism from the community as they’d definitely take a similar approach.
Furthermore, Apple’s business model has already been criticized for not being consumer-focused, thus, the crypto project would carry the same label.
But that’s just the underlying reasons which have the potential to lose these users, the real reason is Apple’s growing aversion towards the gaming industry. The restriction of the applications, the refusal to cater to crypto payments via Apple Card, and in the end, massive centralization of their efforts.
Yes, it’s likely that most players will avoid using Apple Pay as their go-to crypto paying method on gaming websites due to the possibility of Apple disclosing information to banks and the government.
Overall, the project is guaranteed to avoid millions of users worldwide, unless Apple retracts its decision on limiting the gaming industry.
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