A world without paper payments is rapidly approaching, the co-founder of the Sohn Conference Foundation said Thursday.

Evan Sohn, who works in the payments industry, told CNBC that paying for things with traditional bank notes is increasingly dwindling as the appetite for contactless payments and digital currencies grows.

"How far are we from a restaurant that says we only take online payment? If you eat here, you have to download this application and we only take electronic payment, no cash here, no check," Sohn said on the sidelines of the Sohn Conference Foundation, which raises money to fight pediatric cancer.

"I don't think we are that far away from it," he added.

Though most payments are still made with cash, Sohn said a demonetarization is taking place.