The next generation of children born in Britain “will not know what money is”, the boss of Apple has predicted.
Tim Cook, the chief executive of technology giant, forecast the death of cash by the time current university students have a family.
Cash is still used for more than half of payments by consumers, according to Payments UK, the industry body, but its popularity is falling as people switch to cards and smartphone apps such as Apple Pay and Google Wallet.
“We plan to continue to encrypt end to end with no back door,” he said. “We will productively work with the governments to try to convince them that’s also in their best interests in the national security sense.”
His views on the future of money represent one of the boldest predictions on the decline of traditional coins and notes. Source : http://www.telegraph.co.uk/