Apple CEO Tim Cook has an idea for the future—eliminating cash. Apple Pay could be the “catalyst” that ultimately gets the world to switch from cash to digital payments, he told the Japanese news service Nikkei in an interview published on Monday. “We would like to be a catalyst for taking cash out of the system,” Cook said. “We don’t think the consumer particularly likes cash.” Apple released Apple Pay, a digital payment service, in 2014.
Users who store their credit cards, debit cards, and gift cards with the service can pay at checkout in stores by waving their iPhones near a terminal. Taking out cash or a credit card is unnecessary. Apple Pay’s top competitors in mobile payments include Samsung and Google. FULL REPORT