Within 12 to 18 months, claim handset makers, this Near Field Communication (NFC) technology, which allows the handsets to buy and store low value electronic tokens (such as sport and transport tickets), will start being standard on new handsets.

Wright says "a lot of work" has been done with credit card suppliers such as Visa and MasterCard to ensure the system is securely encrypted. "Unlike a wallet, if your phone is stolen it can be deactivated over the airwaves," Wright says.

"Also, downloading credit onto the phone would be PIN protected, so a thief could not download extra money and go on a spending spree. Although the technology is mobile, nobody can interrogate your handset to steal money from it because only a proper reader can deduct money from a phone, and that reader can only work over a couple of centimetres ."