Apple is striving towards a cashless society as the tech giant’s CEO pledges to “take cash out of the system”.
Tim Cook, the CEO of Apple, has told Asia’s Nikkei news agency that consumers aren’t too keen on physical currency, and that they’d much rather use cashless services such as Apple Pay.
“We’d like to be a catalyst for taking cash out of the system,” Cook was quoted as saying. “We don’t think the consumer particularly likes cash.”
His comments came as Apple prepares to launch Apple Pay in Japan this month. At the time of the announcement, Cook said:
“We’re incredibly excited to bring iPhone 7 to customers in Japan so they can experience the magic of Apple Pay. Apple Pay will transform your daily routine, from making your commute easier and more convenient than ever with Suica [a contactless smart card used to pay train fares in Japan] right on your iPhone 7 and Apple Watch Series 2, to using your favourite cards to make secure and private purchases with a single touch.”
Apple’s CEO Tim Cook speaks out against physical currency
Apple Pay launched on 20 October 2014, arriving as one of the first modern, smartphone-based contactless payment systems. It’s currently supported by most recent Apple smartphones, as well as the Apple Watch and several versions of the iPad. It makes use of a built-in near-field communication (NFC) antenna, as well as a dedicated chip that stores encrypted payment information.
But Apple isn’t the only company offering cashless solutions. Google launched its own Android Pay mobile payments platform in the UK earlier this year, while Brits are still waiting around for Blighty’s Samsung Pay debut.
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Do you prefer cash or contactless payments? Let us know in the comments.
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Editorial independence means being able to give an unbiased verdict about a product or company, with the avoidance of conflicts of interest. To ensure this is possible, every member of the editorial staff follows a clear code of conduct.
Professional conduct
We also expect our journalists to follow clear ethical standards in their work. Our staff members must strive for honesty and accuracy in everything they do. We follow the IPSO Editors’ code of practice to underpin these standards.
