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Businesses Safari The Almighty Buck Apple

Apple CEO Tim Cook: 'We're Going To Kill Cash' (cnet.com) 394

Posted by msmash from the killing-cash dept.
At a media event on Thursday, Apple CEO Tim Cook said that the Touch ID on the new MacBook Pros will make it incredibly easy for people to do online money transactions. After the event, speaking to reporters Cook made a bold statement about how he sees Apple Pay. CNET reports: "We're going to kill cash," he said. "Nobody likes to carry around cash." He makes most of his purchases with Apple Pay (which is not surprising).Cook's comment comes days after Australia's top banks refused to support Apple Pay, saying that the company has been 'intransigent, closed and controlling'.
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Apple CEO Tim Cook: 'We're Going To Kill Cash' More

Apple CEO Tim Cook: 'We're Going To Kill Cash'

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  • Sorry, Tim... (Score:5, Insightful)

    by sconeu ( 64226 ) on Thursday October 27, 2016 @07:04PM (#53164635) Homepage Journal

    But you're wrong. There are a metric crapton of us out here who like to carry cash.

    • Re:Sorry, Tim... (Score:5, Insightful)

      by Anonymous Coward on Thursday October 27, 2016 @07:12PM (#53164703)

      Does he really think we all want all of our purchase data tracked and monetized?

      Because no, I don't.

      • Re:Sorry, Tim... (Score:5, Insightful)

        by rtb61 ( 674572 ) on Thursday October 27, 2016 @10:14PM (#53165921) Homepage

        It has nothing to do with tracking it has to do with freedom in a capitalist society. With cash in pocket you are free in a capitalist society without cash you are asking permission to exist. You buy nothing without cash, you only ask permission and a distant faceless corporation decides whether to grant you permission to access the essentials of life or starve you to death.

        Capitalism and cash or capitalism must go. I am not going to be a fucking slave to corporations asking 24/7/365 for permission to survive. Cook is an idiot.

    • Re:Sorry, Tim... (Score:5, Informative)

      by Falconhell ( 1289630 ) on Thursday October 27, 2016 @07:55PM (#53165015) Journal

      One valuable lesson from the power failiure in South Australia, was the need to keep cash. All forms of electronic payment wete useless.

    • Re: (Score:3, Informative)

      by Anonymous Coward

      But you're wrong. There are a metric crapton of us out here who like to carry cash.

      And non-US citizens. I would much rather carry cash than a card. It's convenient. It's anonymous. It's universal. It doesn't need power or an internet connection to use. It takes up less pocket space than a card (and is physically more flexible). And if I get robbed it automatically limits losses.

    • Re:Sorry, Tim... (Score:5, Funny)

      by hcs_$reboot ( 1536101 ) on Thursday October 27, 2016 @08:16PM (#53165183)
      He also said "Maps will kill Google Maps" after the first release of Apple Maps...

    • Re:Sorry, Tim... (Score:4, Insightful)

      by Darinbob ( 1142669 ) on Thursday October 27, 2016 @08:22PM (#53165251)

      If I were to use an alternative to cash, it would not be with a company that's going to skim some off of the top, requires using only certain high priced devices, and was Apple. If I don't have the cash then I have the credit card. If I don't have either then I don't actually need to buy the item anyway.

      (Yes they're not charging the users they claim, but they are charging banks and that cost will come back to the consumers in some way.)

    • Agreed, that is the whole point behind cash, it is a currency to allow payment for all transactions both public and private. Emphasis on private!

  • Do not want (Score:5, Insightful)

    by Anonymous Coward on Thursday October 27, 2016 @07:04PM (#53164637)

    Closing the loop on cash transactions is just another way to ensure everything we do is tracked.

    • Re: (Score:2)

      by lenski ( 96498 )

      .... And making sure we *always* the banking transaction tax that ranges anywhere from 1.5 to 3% per transaction.

      The fuckers bleating loudest about "taxes" are dead silent about the transaction taxes they extract to buy supercars to add to their collections.

  • And maybe I'm a curmudgeon, but I like cash. Splitting the lunch bill with coworkers is easiest that way.
    • Indeed, I understood the headline as "we're going to empty our bank accounts" (buying another company / taking terrible decisions / ...)

    • Re: (Score:3)

      by Malc ( 1751 )

      If my bank statement's more than one page long, it's too long. I hate reviewing the things so I like to keep them simple. I've had fraudelent activity on my credit cards, I've had cards stolen when overseas and struggled to remembered all the recent transactions when I've called the bank, and I've been a victim of identity theft.

      Budgeting is a lot easier with cash too, especially as you have a physical sense of it leaving your wallet. I'm speaking as somebody who went almost cashless and did even the sma

  • I use cash for almost everything...
    The only thing I usually use my card for is the gas pump (because it is so much more convenient).

  • Hi Tim (Score:5, Funny)

    by nospam007 ( 722110 ) * on Thursday October 27, 2016 @07:09PM (#53164663)

    I'm sorry but my dealer disagrees.

  • There's something else he's going to kill - Apple (Score:5, Insightful)

    by JoeyRox ( 2711699 ) on Thursday October 27, 2016 @07:09PM (#53164665)
    Six years into his CEO tenure and all we keep getting is promises about the great products Apple has in the pipeline. That pipeline must be long enough to stretch to the moon because we haven't seen anything great since he's been in charge.

    • Apple's standard lead time for a hardware device from commencement through design and prototyping and production to launch is 8 years.

    • Re: (Score:2)

      by dfghjk ( 711126 )

      The iPhone 6/6+ was pretty great and something Jobs was opposed to. It was also obvious and proven in the market already, but it was still great.

      Chances are good that if there was Jobs instead of Cook, we wouldn't have seen anything even as good as the 6.

      • It was a no brainer since a large share of their user base was wanting a phone with a larger screen. They ended up with a pretty decent implementation to handle the different screen sizes and resolutions from a developers perspective.

        There's two things that I hated about their implementation though. The first is that they are installing better features in the bigger phones. I think that they should have all the sizes equivalent in feature sets and the only difference be the display size (and possibly bat

    • Re: (Score:2)

      by lgw ( 121541 )

      So he's the Ballmer of Apple? Hard to argue with that thus far.

    • As a stockholder, I am prone to agree. I feel like it's John Scully all over again. But this time there is no Steve waiting in the wings to save us.

  • I *like* cash for many things.

    Sometimes I like cards, too.

    Cards that get input into the electronic device so I can try to use that in place of the card? Well, it's better than writing a check, but is otherwise completely unappealing.

    So: bleh.

    • Banks charge a fee for using a credit cards, and banks charge a fee for Apple Pay transactions. So you're paying the bank twice to fill up your Apple Pay by credit card. And all that double filling up can be more inconvenient than the stop at the ATM. Not to mention all that wasted time trying to find a store dumb enough to take Apply Pay, and time wasted while the clerk tries to make it work and the line behind you gets angry.

  • I think a goodly percentage of reasonable individuals would admit cash-money is the most difficult transaction to trace, surveille, or keep record of.

    Clearly, the taxing entity that is your overlord would be against this tool of the tax scoundrel, right? What gives?

    Oh yeah, the rich people like it, too.

  • NSA Says, "We're going to kill cash......so we can surveil you."

    And I do like cash.

  • I agree (Score:5, Insightful)

    by ark1 ( 873448 ) on Thursday October 27, 2016 @07:15PM (#53164727)
    Once you purchase apple devices and accessories, you have no cash left - only debt.

  • What's next (Score:3)

    by Trogre ( 513942 ) on Thursday October 27, 2016 @07:16PM (#53164735) Homepage

    So Tim Cook wants to take away headphone jacks, magsafe and now cash. What's next? Christmas?

    • The only real loss there is MagSafe. It's removal is a major negative against these new MacBooks as far as I'm concerned. For that matter, I really wish they'd rolled out MagSafe across all their ports and adapters rather than just the power connection. It just makes so much damn sense, particularly on any mobile device. For the life of me, I've no idea why they didn't.

  • macbook pro? (Score:2, Funny)

    by Anonymous Coward

    Why carry a wallet with cash when you can lug around your macbook pro instead.

  • So like with the NSA (Score:3)

    by AHuxley ( 892839 ) on Thursday October 27, 2016 @07:26PM (#53164811) Journal
    its time to track yet more types transactions with your brand as PRISM did?
    Removing more anonymity and privacy and replacing it with more currency transaction reporting, suspicious activity reporting and monetary instrument logs.

  • Lately it feels like looking for insight on Slashdot has become quite difficult, though I miss the humor more. I think that may be a problem with tempo. Not certain, but I speculate that the traffic volume is down, but the story tempo has remained unchanged. If that speculation is correct, then most stories fail to reach critical mass for discussion before they fall off the front page and effectively become invisible. Even worse, it would appear to be a negative feedback loop, in that less interesting discu

    • Re: (Score:2)

      by lgw ( 121541 )

      Lately it feels like looking for insight on Slashdot has become quite difficult, though I miss the humor more. I think that may be a problem with tempo. Not certain, but I speculate that the traffic volume is down, but the story tempo has remained unchanged. If that speculation is correct, then most stories fail to reach critical mass for discussion before they fall off the front page and effectively become invisible. Even worse, it would appear to be a negative feedback loop, in that less interesting discussions drives the traffic volume even lower.

      I've seen the same. Slashdot has too many stories per day for the size of its reader base. Post count is starting to look like Soylent these days.

  • Read "The War on Cash" article... (Score:3, Interesting)

    by Optic7 ( 688717 ) on Thursday October 27, 2016 @07:32PM (#53164855)

    Interesting take and background on this idea, and some why it's a bad idea: http://thelongandshort.org/soc... [thelongandshort.org]

    • I like the info which I had heard before about Germans preferring cash. I was thinking this whole cashless hipsterism was everywhere in Europe, but I guess not. Mostly just a subset of Europeans exercising another opportunity to laugh at American barbarians.

      And the reasons why Germans prefer cash are indeed very great reasons. First, you know how much money you have on you if you have cash. When you run out of cash then you stop paying. With a credit card you don't necessarily stop when you hit your li

  • Are they going to bring their billions back into the USA and pay the tax thats owing on it?

    And nobody accepts cheques these days.

  • Not to defend Apple here but in this case it's the banks complaining that Apple Pay doesn't let them abuse their customers.

    • Not to defend Apple here but in this case it's the banks complaining that Apple Pay doesn't let them abuse their customers.

      So why do banks support Paypal, Squareup, Bitcoin and lots other non-bank payment methods?
      Sorry but Apple are so used to pushing around impressionable teens that they thought they could pull the same tricks on big banks and get away with it. Stupid Apple...

  • Asinine. (Score:3, Insightful)

    by RightSaidFred99 ( 874576 ) on Thursday October 27, 2016 @07:47PM (#53164957)

    We have a system already whereby you can carry a little tiny card of plastic around with you to buy things. It works almost universally. It's already somewhat "killed cash".

    And this idiot thinks that now being able to use something that's slightly more difficult to use at best is somehow going to "kill cash" more than it already is?

    He's a moron and he's talking stupidly. Debit and credit cards "killed cash" already about as much as it will be killed anytime soon.

    • I've already posted so can't mod you up, but you are spot on.
      Banking technology is more advanced than Apple Pay (at least where I live), so their offering is harder to use and more restrictive, and years late.
  • If they kill cash you can bet they will replace it with a bunch of iFees.

  • Seriously, no cash? (Score:3)

    by LynnwoodRooster ( 966895 ) on Thursday October 27, 2016 @07:55PM (#53165021) Journal
    How do I pay for my hookers and blow in a manner that can't be traced?
    • Cash for in person and bitcoin for online. Alphabay has much better quality and service than what you can find in person.#fungibility

    • Swipe the iphone on the hooker, and make little lines of blow on the phone's screen.

  • Australia's top banks refused to support Apple Pay, saying that the company has been 'intransigent, closed and controlling'.

    Correction: a prima facie illegal cartel of some Australian banks are refusing to support Apple Pay because their "rape the customer and give shitty service" gravy train will be over.

  • Here in New Zealand cash was all but killed many years ago. We were early adopters of POS cards and for decades now even the smallest stores have relied almost entirely on card transactions. A few years ago I tried paying for coffee with cash and the young lady behind the counter looked at the notes as if I'd just handed her a fish as payment. She had to ask her manager how to process cash.

    Like most people I know, I carry a small amount of cash in my wallet just in case, but it's the same two $20 notes I've

  • Bullshit. (Score:3)

    by bloodhawk ( 813939 ) on Thursday October 27, 2016 @07:59PM (#53165055)
    While I use credit cards for a lot of things. I have no desire to fully replace cash and I DO LIKE to carry cash. cash doesn't require me to ensure I have a charge on my phone/laptop, it still works if the shop is having technology issues and is hugely convenient for small transactions. that is without getting into all the extra security and tracking issues with technology solutions here.

  • For the single reason that is all reasons when it comes to whether something catches on or not:

    Porn

  • No, Tim... "The police state doesn't like proles carrying around untraceable cash." You tone-deaf elitist.

  • We? (Score:2)

    by hedley ( 8715 )

    I assume that's a "We, and we alone..."

    (why open the door to those other competing payment methods).

  • Nobody likes to carry around cash (Score:5, Informative)

    by manu0601 ( 2221348 ) on Thursday October 27, 2016 @08:08PM (#53165127)

    Nobody likes to carry around cash

    Well, I prefer to carry cash rather than to disclose what I buy and where I am to banks and others that piggy back on them.

  • he's not killing anything. We've got 140 million folks [google.com] living paycheck to paycheck in this country. Those people don't rely on cash by choice. Word gets around about overdraft fees, gas stations put $100 holds on your debit card and folks don't make enough to get credit cards. The working poor isn't giving up cash anytime soon. Believe me, it's been tried.

  • Sure thing Tim... the cash on your wallet and on Apple's safes perhaps.
    Just keep going with this stint of minor improvements at high prices with anti consumer stuff for some more years.
    Nothing against the company and it's products but every keynote or event from the past couple of years or so I see an increasing number of Apple fans talking about switching to either Android or Microsoft. And on the reverse, every Microsoft event and in several Android phone launches I hear Apple fans thinking about giving a

  • I'm a techy and I work on payment systems, so have access to all the latest and greatest tech (the US is quite backward in this space by comparison), and even I still use cash sometimes. Because sometimes cash is better, and sometimes electronic payments are better. Thinking that you can kill cash because of you stupid app seems extremely naive.

  • I have money (Score:3)

    by Chewbacon ( 797801 ) on Thursday October 27, 2016 @08:43PM (#53165391)

    When I was a kid, my dad told me how one day all you'll have to do is convince a computer you have money, and boom! You could be a millionaire.

  • Anyone who does not want cash any more can just send it to me. Then I can live comfortably when we transition further to smaller CGA based local economies.

    CGA = Cash/Grass/Ass, of course.

  • casino use will be billed at advance rates vs just the basic rate for other usages and look out do to the way some toll road and citys have there billing setup changes may be billed at government cash advance rates.

  • It's not rare something happens that knocks electricity out, or kills your internet connection. How you gonna buy bottled water, canned soup, and ammo at the corner store when your credit card or smartphone app won't work, and you don't have cash? I guess you can use some of that ammo you already have to get the water and soup, but I'm guessing that will cause other problems down the road.

    I usually have between $100-$200 cash on me. When it drops to $100 I hit the ATM to get back to $200.

    Then again

  • I like to carry around a bit of cash.
    Not everyone accepts electronic payments.
    Not everyone likes paying the electronic payment fees for parking and other small expenses either.

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