Next generation of children will not know what money is: Apple CEO

Tim Cook predicts the death of cash by the time current university students have a family


Web Desk November 13, 2015
Apple chief executive Tim Cook (left) poses for selfies with students at Trinity College in Dublin. PHOTO: THE TELEGRAPH

Apple CEO Tim Cook has said the next generation of children will be unfamiliar with the concept of cash.

“Your kids will not know what money is,” Cook told students at Trinity College Dublin, according to The Telegraph.

The chief executive of the technology giant, Apple, forecast the death of cash by the time current university students have a family.

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Although cash is still used for more than half of payments by consumers in UK, its popularity is falling as people switch to cards and smartphone apps such as Apple Pay and Google Wallet.

Cook also vowed protection of customers' data from hackers. "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,” he added.

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His views on the future of money represent one of the boldest predictions on the decline of traditional coins and notes.

This article originally appeared on The Telegraph.

COMMENTS (3)

Imran | 8 years ago | Reply In some parts of the world children still don't know what money is
Hameed | 8 years ago | Reply Either that or next generation would use sticks and stones as currency.
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