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  Cash Abolition: Apple CEO Tim Cook on Cash: "Why Do You Need That Stuff?" | News | Bit Updates
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Cash Abolition: Apple CEO Tim Cook on Cash: "Why Do You Need That Stuff?" | News

Wednesday, March 7th, 2018 | bitcoin updates

At the annual shareholder meeting in February, which was held for the first time in the new headquarters in Cupertino, Apple CEO Tim Cook brought a number of topics to the table. He used the opportunity to voice his criticism of cash.
"Why are such circumstances going?"

Cook is of the opinion that cash will not have a stable future and will be abolished. "I hope I will still be alive to witness the abolition of cash," he said on that occasion. The 57-year-old believes that banknotes and coins in today's digitized society have no more space. On the contrary, the paper money causes only additional problems: "You make such a circumstance with the printing of this stuff, then someone comes and steals it and you finally have the worry about the counterfeit money," he tried to make his point.
"We have the solution"

As a solution, the leadership expert proposes the in-house payment service Apple Pay, so that his customers "no purses with different cards" more carry around. It is a simple system, more practical and, above all, safer. During his speech he referred to the problem that credit cards are always in danger of being robbed of what had already happened to him. "So we've developed Apple Pay as a solution […] so you do not have to pass your account number anymore."

The tech giant's pay service is not new. Apple introduced this already in the fall of 2014. However, contrary to Cook's expectations, the development of mobile payments in the market has generally been rather sluggish. However, the IT expert is optimistic about the future of their own payment service. Apple Pay would have an "extraordinary future" due to the current political changes. Half of the dealers in the US had already accepted the service. And even outside the United States, such as in Russia or China, Apple Pay is becoming more and more popular. In Germany the service is still not available.

After Cook's cash criticism now raises the legitimate question of whether the entrepreneur actually cares about the lack of future viability of paper money or if he wanted to advertise primarily for Apple's payment system.

Editors finanzen.net


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