Cash and both credit and debit cards are to be made redundant by 2020. According to a survey of 1,200 technology experts by Pew Internet Research, smartphones with PayTags will become the new method of payment.

65% of the survey respondents believed that near field communications (NFC) – the technology used in contactless payment – would be widespread by 2020. The findings come as no surprise following ComScore data that found more than 10% of smartphone users have already made payments using their phone.

Chris Silva, an analyst with Altimeter Group, said that "NFC is going to play a much more prominent role, a major role in m-commerce (mobile commerce)".

The news comes this week as Barclaycard announced the launch of a PayTag sticker. The sticker can be attached to the back of the mobile phone, and while there is no integration between the phone and the PayTag, it will still allow customers to make purchases of £15 and under.