Apple Pay Gets U.S. Government Seal of Approval

[Maura]

BloombergBusiness reports that Apple Pay has had a massive boost from the U.S. government, with The White House announcing that Apple Pay will be available for users of federal-payment cards, such as Social Security and veterans benefits that are usually paid via debit cards.

The networks involved in this new government move include Direct Express payments and GSA-SmartPay-issued government cards. The latter alone represents more than 87.4 million transactions worth $26.4 billion per year.

“It has big promotional value” said analyst Richard Crone. “It makes it look like the federal government is endorsing Apple Pay.”

Also, during President Obama’s cybersecurity summit in Palo Alto, California, today, Apple CEO Tim Cook gave a speech talking about the importance of protecting privacy, saying, “History has shown us that sacrificing our right to privacy can have dire consequences. We still live in a world where all people are not treated equally, too many people do not feel free to practice their religion or express their opinion or love who they choose—a world in which that information can make the difference between life and death.”

Source: Obama s Visit to Silicon Valley Is a Big Win for Apple Pay - Bloomberg Business