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Summary Innovations in technology will enable us to do away with wallets by 2025.
The Payments Councils findings also suggest mobile payments will become an increasingly mainstream option, with seven out of 10 expecting to use this method in 13 years.Just over half of the 4,000 adults surveyed expect to be able to pay by scanning their thumbprint by 2025.Ian Pearson, who produced a report for the council examining the possible future of payments, said security concerns could limit the possible use of this as it is relatively easy to get hold of someone elses fingerprints.The security of this method might be improved if used alongside with printing unique electronic information onto a fingernail, he suggested.His report, Pay Your Way 2025: Future Payments, suggests that possible payment methods can include people using digital jewellery such as rings or badges to transfer money or authenticate a payment.Despite advances in technology, most people believe that more traditional payment methods will have survived by 2025, with two thirds expecting that they will still need to use cash. The Pay Your Way campaign aims to help consumers make informed choices on making different types of payment.The Payments Council already has plans to make mobile phone payments possible for everyone.It has started work on a central database that links mobile phone numbers to bank account details. This will open the possibility of making and receiving almost-instantaneous payments using your mobile without needing to know account details – regardless of who you bank with, it said.
