Apple Pay, Apple Card and Apple Pay Cash revenue will exceed $1 billion in 2020, writes Cowen analyst Krish Sankar in a note to clients.
The Apple Pay, Card, and Cash products (payments platform) collectively have shown robust 100%+ Y/Y growth in recent years and with the ongoing COVID-19 virus we believe usage and penetration of Apple’s digital payments offerings has only accelerated further. 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. We conservatively forecast overall Apple payments platform revenues will exceed $1B for the first time in CY20 and quickly exceed $2B by CY22. — Krish Sankar, Cowen
Cowen reiterated an “Outperform” rating and maintains their $133 price target on Apple.
MacDailyNews Take: We love Apple Pay, Apple Card and Apple Pay Cash!