On the heels of reports that Apple is in conversations with the largest U.S. banks regarding a person- to- person (P2P) service of some unspecified variety, CEO Tim Cook is predicting the death of cash, as many others have before him when credit cards then debit cards gained market share. As reported on CultofMac.com:
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.
Certainly the rise of P2P apps is one more convenient solution that decreases our need for greenbacks. Despite P2P and all the other payment innovations that came before, cash is still the most frequently used form of payment in the U.S. No encryption needed.
Overview by Sarah Grotta, Director, Debit Advisory Service at Mercator Advisory Group
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