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MasterCard: Apple due after 5 years cash goes out of circulation

Head of MasterCard in the UK and Ireland, mark Barnett believes that in 5 years the cash will actually disappear, and after 30 years the cash will seem old-fashioned, like a horse harnessed to a cart. According to him, the launch of Apple Pay became the trigger for the transition to a new era of electronic payments.

In an interview with the Internet Business Insider Barnett said: “By the time the light will be a new generation, in 30 years, will continue to move cash? I very much doubt it. The idea is that your pockets will jingle coins, will seem old-fashioned. It would seem so old-fashioned, like a bag of gold.”

Of course, it is expected that the representative of the MasterCard would say something like that. The more people will use credit cards, the more profit will be from MasterCard. However, Barnett points to a statistic that confirms that it is not just empty talk. Britain is indeed moving in the direction of refuse flow. In 2014 electronic payments first surpassed by the volume of cash payments in the country.

“I think in five years in the world of cash practically does not remain. A little will remain, of course. But if we talk about the number of transactions in five years a large part of the cash will be gone in the move,” said Barnett Vestifinance.

Britain and Ireland are not alone. Sweden also has made great strides towards a “cashless society”. The country now has 27% less cash than in 2011. Denmark plans to allow shops, restaurants, gas stations refuse to accept cash. The Bank of Korea said that he plans of achieving a “cashless society” by 2020.

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Barnett called Apple Pay, the main reason for the transition in the age of electronic transactions. “There is the main disintegrator in the technology sector and the disintegrator – Apple, he said. – While the figures for Apple Pay is not very large, but it doesn’t mean anything. We see hundreds of thousands of transactions per month. This has undermined the industry”. “If you compete with them in terms of payments, the difference is small, but the map is just a map and the phone offers a number of opportunities,” he said.

Barnett concludes: “I think it’s safe to say that the payments will eventually move in your phones. After a few years most of the transactions will be made using phones. The basis will always be card and cash will remain quite a bit. But still the main part will be in the phone, and time will tell which solution will win the hearts of most customers.”

According to the latest data, the payment system Apple Pay works officially in Russia at the end of 2016.

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