Tim Cook is so bullish on Apple Pay, the CEO predicted that the next generation of children “will not know what money is”, on a recent visit to the across the pond.
The death of cash will happen sooner than expected, says Cook who told students at Trinity College Dublin that their kids will have no idea what the dead presidents were all about.
“Your kids will not know what money is,” said Cook during his speech at the university which also touched on Apple’s fight to keep users’ data private, despite controversial legislation being proposed by UK’s parliament that would ban encrypted devices without a backdoor.
“We plan to continue to encrypt end to end with no back door,” Tim said. “We will productively work with the governments to try to convince them that’s also in their best interests in the national security sense.”
Cook’s prediction about the death of cash is one of his boldest comments he’s made yet about contactless payments. Earlier this year Cook declared 2015 the ‘Year of Apple Pay.’ The new payments service has seen steady growth this year, but it’s got a long climb ahead in the quest to replace cash.
The use of cash is declining but it’s still used for more than 50% of payments by consumers, according to Payments UK. Apple may have an ace up its sleeve though according to a new rumor that the company is in talks with banks to let friends send each other cash using Apple Pay.