Meanwhile, by the end of 2018 an estimated 8.5 million people were registered to buy goods and services using mobile payment services such as Google Pay, Apple Pay and Samsung Pay. This means that one in six of the adult population are now signed up, up from just two per cent in 2016.

Having overtaken cash in 2017, debit cards remained the most frequently used payment method in 2018, accounting for nearly 40% of all payments. Almost the entire adult UK population now own a debit card and by 2024 debit cards are forecast to account for half of all payments in the country.

The success of debit cards is being partly driven by the growing popularity of contactless, which rose to 7.4 billion payments in 2018, an increase of 31% on the previous year. More than two thirds of adults now use contactless, with popularity high across the age spectrum - 61% of over-65s now tap to pay.

Cash remains the second most frequently used payment method in the UK. It was used for 28% of payments in 2018 and is forecast to still be used for one in ten payments in a decade’s time.

However, the growth in contactless and mobile payments has meant consumers are choosing to pay less with cash, with overall cash payments falling by 16% in 2018 and one in ten adults (5.4 million consumers) opting not to use cash at all.

Despite this, UK Finance stresses that many still value cash. Last month, with concern growing about the ongoing removal of bank branches and ATMs from Britain's high streets, the government set up a Joint Authorities Cash Strategy Group' to ensure continued access to notes and coins as the country drifts towards a digital economy.

UK Finance insists it is working with the group to "help ensure cash continues to be available to those who need it".

Stephen Jones, chief executive, UK Finance, says: "The same pick ‘n’ mix approach people now take when it comes to music, television or the news is expanding into payments, as consumers take advantage of new technologies to pay in a way that suits them.

"More and more customers are now opting for the speed and convenience of paying with their contactless cards, or using mobile banking to check their balances and make transfers while on the move. This rapid rate of technological change is set to continue over the coming decade, as people embrace the ever-widening number of ways to pay and manage their finances, depending on their needs and lifestyle.

"However, technology is not for everyone and cash remains a payment method that is valued and preferred by many, so maintaining access to cash will be vital to ensure no customer is left behind.

"We are working with the Joint Authorities Cash Strategy Group and wider stakeholders, to ensure all customers have a choice in how they pay for goods and services in future."

Thus, eMAG customers can pay with an interest-free card directly at the pay-per-view machines inside the showroom without the need to be assisted by shop consultants. In the initial phase, the service is available to Bank Transilvania and Alpha Bank customers, with more partner banks to follow up and connect to the platform soon.

The innovative component is connecting banks to a single payment terminal, both for card transactions and interest-free installments, thus providing an integrated payment management solution connected with the eMAG platform.

"Providing a simplified payment experience is a priority for us. This is why we introduced our Priority Pay scanning and payment machines into our stores, integrating the solution developed by SymphoPay, which allows eMAG customers to pay their products in installments without interest rate. The adoption rate exceeded our initial estimates, which motivates us to continue the process of innovation and optimization of the eMAG experience, "said Mircea Balica, Payments Platform Manager eMAG.

"Our proposal to banks and traders is to transform payments into opportunities to increase profitability by improving customer relationships and optimizing costs. The fact that 50% of customers choose to use this payment channel repeatedly demonstrates the potential of integrating payments into a fully-controlled transaction by the trader, "said Daniel Nicolescu, CEO of SymphoPay.
For customers who choose to use the Priority Pay machines in the eMAG stores, the total payout and checkout time decreased to an average of 20 seconds. Thus, customers get the goods they ordered faster, without waiting for the cashier. 

The brainchild of Gyft co-founder CJ MacDonald and Square veteran Alexey Kalinichenko, Step is building a mobile-based bank account - held with Evolve Bank - specifically designed for teens that is interest bearing and has no hidden or overdraft fees.

The mobile app is linked to a Mastercard and lets users send and receive money instantly, shop online or in-store as well as use Apple Pay and Google Pay. Strip is providing issuing and processing technology.

Parents get oversight into their teen’s spending, providing the opportunity for them to set limits and guidelines as well as have a view into card use.

Step will use the new funding to make hires and accelerate its roadmap as it gets ready for launch, taking on what it calls the "pre-banked" population.

Says MacDonald: "We’ve partnered with the best in the business to create the right solutions for the next generation. As we move into a cashless era where digital content and transactions fuel our daily lives, the need for innovation in financial services increases. We want Gen Z to be more equipped and educated when it comes to money."

The project with LTA will be one of Visa’s largest implementation for contactless acceptance for transit globally at 30,000 acceptance points. All banks [Bank of China, CIMB, Citibank, DBS, HSBC, ICBC Bank, Maybank, OCBC Bank, Standard Chartered Bank and UOB] that issue contactless enabled Visa cards will be part of this transit initiative. Singaporeans will also be able to make mobile contactless transactions through compatible devices including Apple Pay, Fitbit Pay, Google Pay™  and Samsung Pay. Singtel Dash mobile wallet users can also tap and pay for bus and train rides with their Dash Visa Virtual Account. 

Paying for public transportation using Visa contactless is not only convenient, but enhances the travel experience for commuters by eliminating the need to carry multiple cards or the hassle of having to top up stored value travel cards.

More than one-third (35 percent) of respondents in a recent Visa Singapore transit study say it is inconvenient to top-up their pre-paid stored value cards for local travel. In addition, close to 70 percent of respondents say it is a hassle to wait in long queues to purchase fares or top up their travel cards. The same study also highlighted that 75 per cent of Singaporeans are open to using mobile or digital payments as their sole method of payment for public transport.

Kunal Chatterjee, Visa Country Manager for Singapore and Brunei said: “We are excited to bring contactless transit payments to our cardholders in Singapore as part of LTA’s SimplyGo initiative. Our partnership with LTA to implement contactless acceptance is one of the largest contactless initiatives for transit that Visa is implementing globally and we are proud that this expansive project has come to fruition. By opening up contactless acceptance for transit, we are removing friction from the travel experience, eliminating the need for Singaporeans and tourists to wait in line to top up their stored value travel cards. Visa will continue to work closely with our partners to streamline the payment experience at all touchpoints across Singapore to make it seamless and convenient.”

Visa has been working in collaboration with partners and merchants, from dining to shopping to travelling, to expand the acceptance of contactless payments nationwide, including transport, quick service restaurants and hawker centres.

“Today, Singapore is already one of the top markets globally in terms of contactless penetration with more than 80 percent of all Visa transactions being contactless5. We expect this number to grow even faster with the opening of transit acceptance,” added Kunal.

With the launch of the SimplyGo programme, Singapore joins other major cities that have enabled open-loop Visa payment cards for public transport, including London, Sydney and New York.