The end of money can’t come soon enough for Apple CEO Tim Cook.
During Apple’s annual shareholders meeting today, Cook told investors that mobile payments like Apple Pay haven’t taken off quite as fast as hoped. However, he said he sees promising signs that the death of cash could soon be upon us.
Cook told shareholders, who met in Apple Park’s Steve Jobs Theater, that he’s “hoping to be alive to see the elimination of money.”
Apple Pay combined with the iOS Wallet app has promised to eliminate the need to carry cash, credit cards, debit cards and pretty much everything else you stuff in a wallet. Mobile payments have taken off in last 12 months in countries like Russia and Chine, but adoption has been a bit slow overall.
“Mobile payments have taken off slower than I personally would have thought if you asked me sitting here a few years ago,” said Tim Cook today.
One of the biggest hurdles is getting merchants to accept Apple Pay. Teaching iPhone users how to use Apple Pay is another challenge, especially in countries like China where Apple recently started accepting Alipay at stores.