Business Insider reports this from Mark Barnett, the boss of MasterCard in the UK and Ireland. He believes that in five years time cash will be practically extinct in Britain and Ireland — and in 30 years it will seem as old fashioned as the horse and cart.

Barnett told Business Insider at the Money2020 conference in Copenhagen last week: "By the time we get to another generation, 30 years down the track, will there be any cash? I very much doubt it. The idea of carrying coins — 2p, 1p, 50p all cluttering up your pocket — it will be an anachronism. It will seem as antediluvian as carrying a pouch full of gold.

"In five years time the vast majority of the cash will be out of the system"

Of course, MasterCard would say that. The more people use plastic to pay for things, the more business MasterCard gets. But figures show electronic payments have alrready overtaken cash ones in the UK.