Name: Apple Plans to Get Rid of Paper Money
Uploaded: 2016-10-18
Duration: 1 min 7 s
Description: Once and for all

Apple Plans to Get Rid of Paper Money

Apple, The company who revolutionized the personal computer and music industries, is now looking to transform the way we pay for our goods and services with hopes of eliminating cash altogether, CEO Tim Cook told the Japanese news service Nick A. We would like to be a catalyst for taking cash out of the system. We don't think the consumer particularly likes cash. Apple has already been making waves in the world of money releasing Apple pay in 2014. Their digital payment service, allowing users to store their credit cards, debit cards and gift cards was in the service in order to pay with their devices at check out. The service, first launched in 2014, has recruited a number of major banks to participate in its service over the past two years and recently announced a partnership with Malika, a mobile payment standard in Japan, allowing them to quickly roll out the service in that country. Despite these advancements, a path to a cash free world remains unclear. Apple pay is predicated on plastic and is not compatible with the more than one billion android users around the world, leaving paper currency the world over safe for now,