#BigTech / Apple ‘an emerging contender in the fintech space’

Tech behemoth’s payments platform to surpass $1 billion revenue in FY2020… Apple’s payments platform contributed to record-high revenue in its fiscal fourth quarter and soon could soar into the multibillion-dollar stratosphere…

[Krish Sankar, managing director and senior research analyst at investment bank Cowan and Co.:] “While Apple has portrayed these digital services as complementary to its mobile hardware platforms, we believe future scaling out of these services globally coupled with increasing depth and sophistication of them could position Apple as an emerging contender in the fintech space…”

Within Apple’s fintech segment, Sankar expects Apple Pay to be a bedrock. He predicts Apple Pay will be the biggest driver of fintech revenue over the next few years, with expected annual growth of over $800 million.