According to some industry experts, credit cards could be getting scrapped in favour of ‘contactless payment technology’.

Within 5 years it is believed that many of our highstreet purchases will be made either using mobile phones, key fobs or even fingerprints.

‘The chips on credit cards now have incredible untapped capability but the plastic around the chip limits its potential,’ said Barclaycard chief executive Antony Jenkins.

‘Take the plastic away and the possibilities are endless, allowing the customer to pay by using something that they are already carrying, be it a mobile, key fob or even via biometrics.

‘In time you won’t have to carry a plastic credit card around with you if you don’t want to, although some people will choose to for nostalgic reasons.’

The news comes as Barclaycard recently announced it’s plans to invest millions into the development of ‘contactless payment technology’.