Apple’s VP of internet services and Apple Pay, Jennifer Bailey, was interviewed at Fortune’s Brainstorm Reinvent conference in Chicago yesterday by Fortune’s Adam Lashinksy. Bailey noted that when Apple introduced Apple Pay in 2014, it was working with credit card providers—not trying to replace them. Adding that “getting a bank charter would have put Apple in regulatory territory—and we don’t want to be regulated.
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Apple expects that Apple Pay will be in 60% of U.S. retail locations by the end of the year, Bailey said. The Apple Wallet is now in 24 countries, with even faster growth outside the United States
While Bailey admits Apple makes money off of its payment transaction, the goal is to provide iPhone customers with many meaningful apps, services and conveniences so that users fall in love with their iPhones. For more read the full Fortune report here.
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