Apple Pay, Apple Card and Apple Pay Cash revenues will exceed $ 1 billion by 2020, Cowen analyst Krish Sankar writes in a note to clients.
Phillip Elmer-Dewitt for Apple 3.0:
Apple Pay, Card and Cash products (payment platform) have shown solid growth of 100% + Y / Y in recent years, and with the ongoing COVID-19 virus, we believe that the use and penetration of Apple’s digital payment offerings only has accelerated further. While Apple has portrayed these digital services as complementary to its mobile hardware platforms, we believe future scaling of these services globally combined with increasing depth and sophistication of them, could position Apple as a prominent competitor in the fintech space. We conservatively predict that revenue from the Apple payment platform will exceed $ 1B for the first time in CY20 and quickly exceed $ 2B with CY22. – Krish Sankar, Cowen
Cowen reiterated an “Outperform” rating and maintains its $ 133 price target on Apple.
MacDailyNews Take: We love Apple Pay, Apple Card and Apple Pay Cash!