If Apple CEO Tim Cook had his way, he would never use cash again. His company is eyeing deeper financial services penetration, a move that is meeting with resistance by the established financial services industry.
Speaking at a meeting for Apple shareholders in California, Cook said he wanted to see the end of cash within his lifetime. As the CEO detailed the downsides of cash, he exposed a passion about the subject, according to a report by the «Business Insider» (by registration only).
The Apple chief went on to say, «there are things that Apple could do in financial services that will reveal themselves to us as we spend more time in the payments area.»
Asian Momentum
Apple as such isn’t a major financial technology provider yet. But Apple Pay, which allows iPhone and Mac users to link their credit cards to their Apple account is widely used and growing quickly in the Asian Pacific region.
Leading banks in Hong Kong, Singapore, China and Japan have embraced Cook's technology. Australia by contrast so far has proved a tougher market for the Cupertino-based tech giant, with major banks resisting the implementation of the technology.
