People prefer wearable devices that are unobtrusive, fit into daily life and existing habits, and look stylish. But even if all these boxes are ticked, do they really want to wear technology on their wrists, faces and around their necks?

There are now 69 million contactless cards circulating in the UK. More money was spent via contactless between January and June 2015 than in the whole of 2014. As a result, the payment limit is being increased from £20 to £30, allowing for more items to be purchased with a tap.

The average Gen Yer spends five hours a week taking photos of themselves. Knowing how much this group loves a selfie, and that ease is considered the most important feature of banking, MasterCard is hoping its ‘selfie’ payment method will get them snapping and spending like there’s no tomorrow.

For one day in June 2014, all shops on a busy high street in Chorlton wouldn’t let customers buy anything with cash. From bakeries to pubs and gift shops, all items had to be paid for with card - testing reactions to a future scenario when paper money becomes redundant.

Wearable tech is coming to a suit sleeve near you with the Power Suit - an outfit developed by Australian menswear label M.J. Bale, Visa and Heritage Bank. The superfine Merino wool jacket features a contactless payment chip, letting wearers pay with a flick of the arm.

With UK consumer confidence increasing, competition among banks is stronger than ever. Austerity has left consumers cautious, while 24/7 banking has given more access and control over personal finance. But what do people want, and how can banks entice them to switch?

Apple is hoping that Apple Pay, a tap-to-pay service integrated into the iPhone 6 and Apple Watch, will help it dominate the $79.2 billion-a-year digital payments market. But can Apple succeed where so many have failed before, and truly replace our wallets with our phones?

As smart technology changes the way consumers interact with brands and products, innovations like Disney's MyMagic+ are leading the charge towards contactless payment and a smarter, more efficient world.