Four out of ten people (43 per cent) have said that contactless payments are the future, whilst 25 per cent believe that cash won’t be used to pay for goods or services within five years.

The US-based taxi app is working on its own mobile wallet in India, a move that suggests the company is intent on making the country its second biggest market after the United States, according to reports.

PayPal.Me is the latest release from the payments corporation, with the technology allowing users to pay back money borrowed from their friends and family using a customised URL.

As the contactless payment limit is being raised to £30, Lyle and Scott has collaborated with Barclaycard and its bPay technology to create a jacket that can be used to make contactless payments.

Healthcare providers could see a change in the way they receive payments from patients, as TransFirst, an electronic transaction firm, has entered into a strategic partnership with PatientPay, a payment technology organisation specialising in the healthcare industry.

A former US Secret Service agent has pleaded guilty to stealing over half a million pounds worth of bitcoin (£521,000) during an investigation into Silk Road – the illegal marketplace that sold everything from drugs to weapons.