Apple’s Next Multibillion-Dollar Business Will Be Payments, Analyst Says

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A sticker advertises Apple Pay as an accepted payment method at a restaurant.

Chris Ratcliffe/Bloomberg

Payments could be


next multibillion-dollar business.

That’s what Cowen analyst Krish Sankar thinks. He dove into Apple’s digital-payments business—Apple Pay, Apple Card and Apple Cash—and the analyst likes what he sees.

He thinks Wall Street is underestimating the potential of the Apple (ticker: AAPL) payments business. He writes in a research note Monday that the three elements of the business have collectively grown more than 100% year over year in recent years, and says that with the Covid-19 pandemic, “usage and penetration of Apple’s digital payments offerings have only accelerated further.”

Sankar says Apple has positioned payments as complementary to its hardware business, but that “future scaling of these services globally coupled with increasing depth and sophistication of them could position Apple as an emerging content in the fintech space.” He

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