What you need to know
- Tim Cook was asked about Apple Card, Apple Cash, and more at today's earnings call.
- The CEO said that both Apple Card and Apple Cash are doing well.
- He also said that the pandemic is changing the landscape of the contactless payments market.
During today's Q4 earnings call, Tim Cook was asked by Krish Sankar from Cowen & Co. about how the CEO and Apple as a whole are currently thinking about its payments ecosystem, including its products like Apple Card, Apple Pay, and Apple Pay Cash.
Tim Cook responded by saying that Apple Card and Apple Pay are performing well and that Apple continues to be "very enthusiastic" about their payments services.
"Thanks for the question is there's just a limited number of things I can talk about, the only reason I didn't talk about it. We continue to be very enthusiastic about the whole payment services area. Apple Card is doing well and Apple Pay is doing exceptionally well."
Cook went on to talk more about contactless payments in general. The CEO believes that the pandemic has accelerated the adoption of contactless payments and that adoption will never subside. He also mentioned that, without giving away any details, Apple has opportunities to do even more in the space.
"As you can imagine, in this environment, people are less want to hand over a card. So this contactless payment has taken on a different level of adoption in it that, I think, will never go back. The U.S. has been lagging a bit in contactless payment, and I think that the pandemic may well put the U.S. on a different trajectory there. And so we're we are very bullish about this area and view that there are more things that Apple can do in this space. And so it's an area of great interest to us."
If you'd like to learn more about today's Q4 earnings call, you can read the full transcript.
