One in four Brits think that we will become a cashless society within the next 10 years, according to research carried out by Equifax in conjunction with Gorkana Surveys. A survey was conducted amongst 200 respondents across the UK on 29 June. And although some predicted the imminent demise of notes and coins, 11 per cent said that this would not happen for 100 years, whilst 13 per cent went for 50 years.

Nonetheless, John Marsden, identity and fraud expert at Equifax, argues that, with the likes of Apple Pay coming to market , consumers are now widely receptive to payment approaches which use biometric technology and contactless methods, and are comfortable accepting them as secure payment mechanisms. "No longer will we need to rely, it seems, on a pocketful of cash. With contactless payment methods becoming increasingly popular, the UK economy, and in London especially, has been transformed in recent years, moving ever closer to a cashless society," he says “The convenience of using contactless to make small everyday transactions can be huge, but there are still inherent risks for financial institutions and consumers, with understandable scepticism around the associated lower security levels. Apple Pay successfully demonstrates how a person can control the security of their financial transactions through simple technology which, by design, ensures that the person presenting the payment has the authority to do so."

He adds: “There will always be incidents of security compromises and we have already seen that even Apple Pay biometrics can be fooled. However, the security involved in biometrics makes micro-payment fraud very complex to orchestrate, which coupled with the low transaction size limits means it is not a prime target for fraudsters. The main concern will not be the use of other people’s credentials to make a payment, but the registration of the incorrect payment details for an Apple Pay account. The Apple Pay system has appropriate checks and balances in place to limit these risks. It’s no surprise then, that several banks are fully backing the scheme, which shows so much promise in terms of security and convenience. Looking forward and beyond fingerprint access, Apple Watch technology is even easier to use and offers tighter security. The adoption of the watch is likely to grow once the product is made more affordable, offering even more flexibility to consumers.”

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