Over half of smartphones in the UK use an Android OS. Yet their users might have been feeling shortchanged, since Google has so far offered no mobile payment solution to rival Apple Pay, which launched in October 2014. This is set to change with Android Pay coming to Britain in 2016.

Apple Pay has already enabled consumers pay with their smartphones and smart watches. Now, MasterCard is hoping to extend this to everything – from wearables to the humble key fob – through its Commerce For Every Device programme, aimed at bringing seamless simplicity to payments.

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.

In the US, 80% of consumer spending no longer involves physical dollars, while in Britain cash use has dropped 14% in the last five years. What is driving this shift towards a cashless society? And how will we spend and manage money in the future?