Cash is dead, dead as a dodo with a doornail through it. Yes my friends, rap videos and Monopoly will never be the same again as a new wave of 'mobile wallets' are set to replace the iconic image of a sweaty wad of bank notes held together by a bulldog clip...
Instead of old fashioned cash transactions, the use of notes and shrapnel are set to be replaced by a new mobile phone technology which will allow users to simply touch handsets together to make instant payments, whether it be paying for petrol at the pumps or a cinema ticket to the latest blockbuster, it could all be done by a touch of your mobile phone.
Call me an old stick in the mud but seeing the crinkly old £5 note becoming an endangered species will be hard to take, there is something magical about slipping your hand into an old jean pocket, and pulling out a crumpled old note amongst a used tissue and scratch card.
Speculation is growing that all the major mobile players are eyeing up this near field technology or NFC, with reports abound that the new iPhone 5 will incorporate the payment technology. We already know that the search giant Google has plans for NFC, particularly since it sparked a rush for Android manufacturers to sell phones which include the necessary chip in a host of recent handsets by including NFC in its flagship Google Nexus S. It's also a fairly safe bet that we'll see a few new NFC-toting apps pop up in the Android Market as a result of the new scheme.
Mobile wallets have been available for years in Japan, but like all the best family hand-me-downs we are only now getting our hands on the revolutionary system. The high street seems to be chomping at the bit for the new easy to use system, with Co-op, Little Chef and McDonalds all signing up for the NFC technology.
Many individuals already live in a contactless world with over 11 million NFC debit and credit cards already in circulation across the UK, news of the latest contactless advancement, the mobile wallet, may eventually see the end of fumbling around in a queue for some change, or delicately unfolding a machine washed image of the Queen.
So, as we race towards a cashless society, I think I’m going to raid my piggy bank and spend the last of my coppers on penny sweets and arcade machines, just for old times’ sake.