The company forecast the use of the payment method to make further ground over the coming years, reaching 29.6 per cent in 2023.

Use of physical money in retailers is predicted to decline from 30.2 per cent in 2019 to 18.7 per cent in 2023. Debit and credit cards make up the vast majority of the remainder.

FIS hailed the rise of digital and mobile wallets as the “biggest trend in consumer payment preferences” currently, with a rise also reported in their use to make online payments. It added: “The smartphone is becoming the new wallet and many consumers are choosing to put their preferred cards in their phone in lieu of carrying the physical card.”

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