Is Apple Trying To Kill Money? The Future of our Economy
By : Mohamed Akram
December 4, 2016
Who Needs Money anyway?
Apple CEO Tim Cook
It seems that Apple CEO Tim Cook has an idea for killing cash in the new future cash.
So Apple Pay could be the “catalyst” that ultimately gets the world to switch from cash to digital payments,
In Fact Apple CEO mentioned that to the Japanese news service Nikkei in an interview published in early October.
“We would like to be a catalyst for taking cash out of the system,” Cook said. “We don’t think the consumer particularly likes cash.”
Since Apple released Apple Pay, a digital payment service, in 2014. Users who store their credit cards, debit cards, and gift cards with the service can pay at checkout in stores by waving their iPhones near a terminal. Taking out cash or a credit card is unnecessary. Apple Pay’s top competitors in mobile payments include Samsung and Google.
It’s unclear how Apple could achieve Cook’s goal of eliminating cash. Apple Pay must be linked to plastic to work, and while smartphones and payment terminals are ubiquitous in the U.S., that’s not the case in most other countries. And even then, Apple Pay is only compatible with Apple’s own products, leaving the more than a billion people worldwide who use Android-based handsets out of luck. And that says nothing of people whose phones use other operating systems and people who don’t own smartphones.
Therefore, the idea that Apple Pay could replace cash seems unlikely in the near term. Even if Apple is one of several companies offering a mobile-payment option, it’s far more likely that credit and debit cards would be the first casualty to mobile payments. Cash would likely be dead off sometime after.