Tim Cook says next-generation of kids will have no idea what cash is


Apple Pay
Apple Pay could take on PayPal next.
Photo: Jim Merithew/Cult of Mac

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.

  • … something about the number of the beast ….

  • Grunt_at_the_Point

    Next generation of kids! May I suggest many in the current generation have no idea what cash is because of the state of the economy.

  • Grits n Gravy

    I’m certainly no spring chicken, but I barely know what cash is. Credit and debit cards all the way even Bitcoin and dogecoin. Who carries cash or checks these days?

    • Matt Hone

      Plenty of places still don’t have card terminals. Want your car washed by hand? You’ll have to pay in cash. Want to buy from a takeaway? They often only deal in cash. Some small shops also put a minimum £5 spend before you can use a card. Then there’s plenty of car park machines which don’t have a card slot, vending machines etc. Street food vendors when you’re out and about. Plenty of examples I can think of.

      Cheques really have gone the way of the dodo here in the UK. Shops won’t accept them any more.

    • User

      I do. If I don’t have it, I don’t spend it. Simple. No fees. I’m not in the business to keep banks in business.

  • Anand

    Hey Buster, Ireland is not part of the UK, Northern Ireland is yes though Trinity College Dublin is located in the Republic of Ireland (Southern Ireland). Just thought I’d point that out.

  • ffohwx

    I prefer security over convenience. I will not use a debit card anywhere, and I will only use a credit card if I can’t use Apple Pay or cash. Cash is by far my most prevalent method of payment as not a lot of places I go have NFC terminals to accept Apple Pay.

  • Mark

    Dublin is in IRELAND not the UK.. Idiot

  • sjdee

    Outside the US and UK, they don’t know what Apple Pay is.

  • TechnoBuff

    There goes Apple with the usual hyperbole…
    Apple Pay is not as widely used even in US and UK, Studies lately has shown that people use it on acquiring it a few times then forget to use it or use it intermittently even in places that accepts but most people still pay with their cards and cash.
    The present payment system is not a broken nor is it a problem that needs fixing per say,thus why Apple Pay and the likes from Samsung, Google, etc isnt flying off as expected.
    People like novelty and the options but paying with card and cash is still the preferred way for millions of people.

    • igorsky

      Apple Pay is so much more superior to any other system of payments I’ve used that it’s silly to even compare. The reason it hasn’t caught on yet has nothing to do with Apple Pay or Apple; it has to do with the retailers not willing to spend money on the required terminals. I use Apple Pay any chance I get and hope that it phases out cash asap…we will all be better off for it.

      • TechnoBuff

        I use an iphone 6s plus and have tried Apple Pay occasionally.
        Apple Pay is not superior, the only advantage Apple Pay has is that it is adopted by more banks and credit card companies than Android or Samsung Pay.

        In application, Samsung Pay is better as it can be accepted by normal credit card terminals, thus has a wider use margin than Apple Pay, the only setback is simply that you need the newer Samsung phones, compared to Apple Pay which can be used on about a few models of phones now.

    • Greg_the_Rugger

      As someone who’s debit card info was stolen at a fast food joint, I am all for this. Big box stores and gas stations are locked into a contract with a competing tech that still has not delivered. Once that contract ends, stand back…. the benefit to the economy by reducing theft will be enormous.

      • TechnoBuff

        I have never been the victim of fraud and i do understand how you feel but the fact remains that people aren’t adopting it based on recent studies, most people with ApplePay and Samsung pay as well use it a few times and then stop altogether and this has nothing to do with lack of terminals.
        Payment as it is, is not broken, what is needed is a better fraud prevention system. The concern about fraud will not accelerate adoption unless convenience is an issue and thats human nature.

  • Steven Jussen

    Tim Cook, come on…
    Mac Pro, Apple Watch, Ipad Pro, Apple Pay… failure after failure…

    • Greg_the_Rugger

      … and laughing all the way to the bank.

  • Wuchtamsel

    What’s wrong with cash? Who would prefer a “money-app” in the hands of this gaylord over cash??? Is everyone gone nuts?

  • Red Lope

    next generation will trade potatoes for chicken.

  • User

    I want to see this cashless system work when there’s a power outage. In an emergency, you can throw away your Apple pay or any credit card. That’s when everyone will wish they had cash on their hands to buy gas and food