Apple is hoping that Apple Pay, a tap-to-pay service integrated into the iPhone 6 and Apple Watch, will help it dominate the $79.2 billion-a-year digital payments market. But can Apple succeed where so many have failed before, and truly replace our wallets with our phones?

Apple Pay has already enabled consumers pay with their smartphones and smart watches. Now, MasterCard is hoping to extend this to everything – from wearables to the humble key fob – through its Commerce For Every Device programme, aimed at bringing seamless simplicity to payments.

With 2 million users, a deal with Starbucks, and $6 billion worth of transactions, Square is turning smartphones into checkouts, digitising loyalty schemes and reshaping how consumers spend – without using NFC technology.

You could soon be saying 'I’ll pay with Google' when you buy your morning coffee. The tech giant is testing hands-free, voice-activated payments in Silicon Valley branches of McDonald's and Papa John's. The tech removes the need to get out your wallet or even your phone when you check out.