The emergence of electronic money, the existence of a few days of paper currency?

The rise of Apple TechCrunch and other electronic money will lead to the demise of the paper currency, Yevkurov Juno, the chief operating officer, said Ilya Subkhankulov, in technology blog pay, on the October 13 news. The days of paper money are numbered.

With the rise of electronic payment, the main way of payment in the daily life of consumers will be changed significantly, no longer the form of cash, cheque, credit card and debit cards in the past.

The announcement of Apple's pay product is the belief that consumers want a more convenient way to pay. Many companies in the payment area also want an evolutionary leap in payment, but because the iphone's simplicity of use is dominant in the mobile device market, it is uniquely positioned to be more successful. There are similar successful experiences available. Consumers in Korea and Japan have long been accustomed to using mobile phones to pay.

Payment strategy and consulting firm Glenbrook agreed that consumer adaptation to new payment mechanisms depended on two aspects: convenience and/or perceived significant increases in economic benefits.

Apple pay has been deeply rooted in both of these two main drivers of consumer adaptation to mobile payments. Given Apple's relationship with the mainstream card issuers and banks, Apple Pay is likely to succeed. Like Bitcoin, once you cross the cognitive learning curve, you can become more convenient than other methods of payment. But economic gains are now anytime.

Another place Apple Pay can compare to Bitcoin is security. Apply pay to deploy tag information within the network, so it is one of the safest forms of personal payment, as in cash.

Apple's pay position allows mobile payments to be ubiquitous, with 220,000 of businesses now signing up for the LED of the U.S. business.

It is worth noting that the 12 banks that work with Apple's pay are responsible for 83% of America's credit-card spending, not to mention the debit cards issued by 14,000 of businesses that work with Apple. Gen Y is thought to be a debit card generation, hoping that Apple can also cover the market.

Where is the advantage of Bitcoin? It relies only on the Internet. Consumers are required to use mobile devices for payment. Apple will let consumers get used to this and make sure that security is a major consideration when choosing a way to pay, especially if the payment information from banks and businesses is frequently invaded recently.

As a payment network, Bitcoin can not meet the requirements of global design, affordability and security. Apple pay will take the lead in developing mobile payments. Bitcoin will also benefit. In some comments, Apple Pay is the threat of bitcoin, but it is not, Apple Pay will achieve a big leap in electronic money, the electronic money industry is looking forward to the killer application.

Because it's electronic money, it doesn't occupy your pockets, increases your burden, doesn't fall out of your pocket, doesn't require paper files, and it supports online payments. For casual bystanders, the other advantages of electronic money may be less obvious than paper-based currencies: lower transfer rates and no central issuers. So users don't have to be loyal to a banking system, and past examples show that they are disappointed.

According to a 2014-year cash-use report issued by the Federal Reserve Bank of San Francisco, cash remains dominant in retail payments under the US $25 trillion (about 153 cloud RMB). In fact, debit cards are increasingly used in personal transfers to individuals, as well as other expenses such as gifts, food, transportation and entertainment, suggesting that the use of cash may not be the result of a lack of other means of payment, the report said.

The average size of these deals is relatively low, and cash becomes the preferred or secondary option for these payments, because small transactions dominate these spending areas. The conclusion is that businesses and retailers are raising prices by setting minimum or tax-included taxes, encouraging the use of cash in small deals, because the smaller the deal, the higher the profit is eroded by credit and debit cards.

With the development of Bitcoin and the expansion of Apple's pay in the next few years, the use of cash will be reduced, and the government will use incentives to encourage the use of electronic money because it is easier to get information from it. Bitcoin analysis of Blocktrail and coinalytics start-ups have been financing to help the world better understand the world of Bitcoin, a sort of traditional observation and research into the banking system.

Apple pay and other electronic money will play an important role in changing consumer perceptions and making low-cost payments. The industry will soon recognize this and benefit from it. The time for paper money is numbered. (Keshan)