New polymer £5 notes entered circulation on September 13, but one in three consumers believe cash will become obsolete by 2020.

According to a Worldpay survey, half of shoppers said Apple or Android Pay would replace cards as their favourite way to pay.

Michelle Gravelle of Gravelles Budgens in Sawbridgeworth, Herts, said card payments had overtaken cash in her store.

“Mobile payments like Android Pay will probably be the next big thing,” she said.

James Frost, chief marketing and commercial officer at Worldpay, said paying with cash was seen as an “inconvenience” by a growing number of shoppers.

“The growing popularity of tap and go is a trend that all retailers need to embrace, or else they risk losing relevance,” he said.

Click here to find out more about why retailers are embracing new payment technologies, or here to see the new £5 note in pictures.