A survey of Co-Operative shoppers has revealed that they believe cash as a payment method will be obsolete by 2025.

The survey, conducted by The Way We Pay found that 65% of customers believed they would only need a mobile phone to make a purchase by 2025.

Although two thirds of transactions at the Co-Op are currently made using cash, the company was the first retailer to launch cashless payment points in 2014.

“As our research shows, shoppers predict the death of the wallet in 2025, as 65% believe their phone will be all they need to pay for daily goods in the future,” the report said. “Cash is still king as people enjoy carrying money,” said Retail chief information officer at The Co-Operative Group Cheryl Marshall. “However, we predict that by 2025 mobile payments will overtake cards and cash.”