Would you like to pay by card or phone? Cash will be obsolete in three years claims PayPal (… but then it has just launched a new payment app)

article-0-198374FB00000578-618_634x424By Sean Poulter, Consumer Affairs Editor PayPal Here app allows users to transfer funds while standing in a shop

Bosses claim shoppers will start leaving their wallets and purses at home

New virtual payment devices include Bitcoin wallets and contactless cards

Purses, wallets and cash will become redundant within three years, according to the electronic payment firm PayPal.

It says it will be possible to pay for everyday purchases via mobile phone apps and cards with the result people will no longer need to carry real money.

The claims came as the firm, which is owned by eBay, unveiled a new roll-out of its mobile phone-based smart payment system.

Old-fashioned: Shoppers will soon be able to leave their purses and wallets at home, according to PayPal

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