*By Alisha Haridasani*
Apple wants to turn its Pay function into a bigger revenue stream by expanding the use of its cashless payment tool to include a wider range of transactions.
At its annual developers conference this week, Apple announced partnerships with six American universities to incorporate their students' IDs into the Pay and Wallet system.
“When you look at students, if you’ll remember, you use your ID to do so many things ー to get into your dorm room, to go to the library, to pay for your food and your meal plan, to check in to the work out facilities,” Jennifer Bailey, head of Apple Pay, said in an interview with Cheddar’s Hope King. “Now having it in their phones in a secure way, we think students are going to love it.”
Apple Pay also launched a transit payment system in four Chinese cities earlier this year, allowing users to pay for train and bus rides using the Pay tool.
“People love to use it for everyday commuting,” said Bailey. The feature is available in cities in Japan, as well as Moscow, St. Petersburg, London, Chicago, Portland, Ore., and Salt Lake City. There are plans to integrate it with New York’s MTA system.
Apple’s efforts to expand the Pay and Wallet tools are part of its wider strategy to boost its services unit, which includes Pay, Music, and the iCloud. As iPhone sales start to slow, the company's services business become more important.
Revenue from Apple’s services accounted for around 15 percent of revenue in the [second quarter](https://www.apple.com/newsroom/pdfs/Q2_FY18_Data_Summary.pdf), bringing in $9 billion. While Apple doesn’t break down how each unit fares, the CFO Luca Maestri told [Bloomberg](https://www.bloomberg.com/news/articles/2018-05-01/apple-paid-subscribers-grew-by-100-million-from-year-ago) there are 270 million paid subscribers of its services.
The company is also investing more than [$1 billion](https://www.nytimes.com/2018/03/25/business/media/apple-hollywood-streaming.html) building out its entertainment unit. Details are sparse, but so far the company has courted the Hollywood stars Reese Witherspoon, Jennifer Aniston, Damien Chazelle, and Steven Spielberg for a dozen projects that are slated to be released next year.
For the full interview, [click here](https://cheddar.com/videos/apple-pay-vp-jennifer-bailey-on-future-of-mobile-payments).
The U.S. is preparing to add more China-based firms to a blacklist in response to human rights violations in the country. This includes the leading drone manufacturer DJI. American businesses will be barred from investing or conducting business with the blacklisted companies.
From the TikTok boom to social commerce shopping to livestreaming events, social media trends took on all different shapes and sizes this year. Stephanie Humphrey, technology and lifestyle expert, joined Cheddar to discuss the biggest fads of the year, as well as what to expect for next year.
If 2021 is any indication, 2022 will be a big year for social media. TikTok reached 1 billion users this year and is expected to grow even bigger. We got our first look at the Metaverse, NFTs soared in popularity, and the crypto craze starting hitting its stride - just to name a few fads. Mark Douglas, CEO and Founder of MNTN, joined Cheddar to discuss if these trends could continue, or if we'll see some surprises in the year ahead.
2021 was a big year for big tech, but it was also a wake-up call for the government. Lawmakers are still struggling to figure out how to regulate big tech companies as they grow bigger and get even more powerful. Evan Greer, director of the digital rights organization Fight for the Future, joined Cheddar to discuss key takeaways from the year, as well as what we can expect for big tech and regulation in 2022.
Bumble users are remaining active on the dating app and still linking up with potential matches despite the emergence of the omicron variant of COVID-19. CEO Whitney Wolfe Herd noted that no matter what is happening in the world, people will always need to connect.
There seems to be no stopping the crypto craze, and this week has been no exception. Dogecoin surged after ‘Time Person of the Year' Elon Musk tweeted that Tesla will accept some payments in the digital token. Everett Millman, Crypto & Metals Analyst at Gainsville Coins, gives Cheddar insight into just how much influence Musk has over the crypto world.
As the world of crypto evolves, the need from investors for some type of stability within crypto is also growing. Enter stablecoins. Stablecoins serve as a crypto-equivalent which hold their value, and allow investors to quickly move their profits across currencies. Patrick McConlogue, CEO of Overline and former Citadel Investment Group engineer, explains what to expect ahead of the U.S. Senate Banking Committee’s stablecoin hearing, as regulatory tensions between the crypto market and the government continue to hover in limbo.
Carlo and Baker cover the latest data showing the Omicron wave has likely started, Pfizer's Covid pill, Jan. 6 and a box office rescue attempt courtesy of Spider-Man.
