Technology has already made your Nokia 3315, VCR and cassette player irrelevant and now it wants to destroy your wallet.

With your unique facial features set to become a way to pay for everyday goods, the future of the humble wallet is looking grim.

And this is just one of the far-fetched ideas about how our future consumption will work, with every transaction conducted digitally.

But according to industry professionals, it’s not a world of science fiction, we will be abandoning hard currency and bank cards in the not too distant future.

Mint Payments Bjorn Behrendt is working at the forefront of this evolving industry and he recently sat down with to talk about his predictions for the future of payment technology.

Here are the seven game changes he expects in the near future.

Scanning recognition

There will be no need for a credit card with a PIN because you will soon be able to use your facial features, fingerprints, and voice to pay.

Using systems that are able to scan and authenticate your distinct characteristics will not only make the payment process more convenient, but it will add more security.

Imagine standing in front of a parking meter that recognises you through a high resolution camera with your name asking you how long you would like to park.

The one chip rule under your skin

Think PayPass, but instead of the chip being in your credit card it is implanted in your body and stores all your personal data.

Instantaneous transfers

This new technology will allow you to swap money from one person to another within seconds by using two smart phones in close proximity.

Payments will be initiated by sending a text message and the money will be exchanged instantaneously.

Windscreen recognition

Just like the E-tag has revolutionised toll payments, small devices will be installed in vehicles to allow us to pay for things like petrol, drive-through food, and car washes without ever having to get out of the car.

Wearable Technology

Smartwatches will offer an exciting new dimension of payment with the wave of your wrist all that is needed to pay at a register.

This technology also has the potential to move beyond traditional accessories like watches and take the form of nondescript necklaces, bracelets, and rings to promote additional easy to adopt security.

Register-less transactions in-store

New payment systems will use radiofrequency identification chips paired with bluetooth or similar technology to scan and purchase items without you even needing to go to a register.

Simply pick up a product from the shelf and walk out of the store, leaving the scanners and systems to do the rest.

New digital currencies

Try to imagine a global online shopping world without the hassle of currency exchange rates, full price transparency for consumers and an independent currency without the risk of inflation.

Imagine a currency that is decentralised like the internet itself with a fair value that cannot be influenced by governments or central banks with controversial fiscal policies to tax the people. The possibilities are endless. It might be the most ambitious idea yet, but Behrendt is optimistic it could happen.

Extracted in full from the Herald Sun.