If some predictions are to be believed, notes and coins could be a thing of the past by no later than 2012, as debit and credit cards become more and more ubiquitous in 21st century consumer culture. But even if such predictions are a little premature, there can be little doubt that plastic ?chip and pin? payments are becoming the norm throughout much of society.

And, because people are becoming more accustomed to paying for items directly from their card, a certain culture has developed that involves using a debit card to pay for everything, including small purchases that may cost no more than a few pounds. However, this can be a very time consuming way of paying for an item and can lead to a build up of queues in locations where fast transactions are important, such as fast-food restaurants, pubs, car parks and newsagents.

Indeed, this is why contactless payment systems are becoming more and more popular in some countries, whereby credit cards, key fobs, smartcards or any other device that uses Radio-Frequency IDentification (RFID) are used to make a purchase.

This method of payment requires the user to simply wave the card over a reader at the point of sale, with no need to enter a PIN, or sign any receipts. As a result, this speeds the entire retail process up considerably and certainly seems as though it is one step closer towards creating a cashless society, however, ?wave-and-pay? systems are still in their infancy. The first contactless credit card was only launched in the UK in late 2007; so it's perhaps a little too early to tell how successful such payment systems will be in the long-run.

And, in terms of making people's lives a lot easier, contactless purchase credit cards certainly tick all the boxes. Not only do they speed up small-purchase transactions, but some can also be used on public transport systems such as London Underground. Furthermore, they still have all the normal features of a regular credit card, including fraud and purchase delivery protection, online account management and an identity protection service.

Of course, some people may hold fears that such payment systems are at risk of being used fraudulently, given that PINs or signatures are not required. However, besides the usual anti-fraud mechanisms that are in place for all credit cards, one in ten of all ?wave-and-pay? transactions will in fact require a PIN to be entered, ensuring that if the card does fall into the wrong hands, then any fraudulent use is kept to a minimum.

So, it would seem that the new ?wave-and-pay? system can bring benefits to the UK consumer. And, whilst you may not be living in a cashless society at the present moment, it certainly seems likely at some point in the future, with chip-and-pin now commonplace; and are looking set to follow suit.