Apple CEO Tim Cook says electronic payments will quickly replace notes and coins as mobile wallets such as Apple Pay and Samsung Pay become more widespread and popular.
"We're going to kill cash," Cook said. "Nobody likes cash. I do almost all of my payments without it."
But while Cook said he is able to do the "vast majority" of his payments with his phone, the Silicon Valley region where he lives is not representative of the rest of the world. However, he said other countries are "far ahead of the United States" for mobile payments, without being more specific.
On a governmental scale, international world banks have expressed an interest in digital payments and currency. Sweden recently said it might digitise its national currency by creating the "e-krona" in addition to notes and coins.