Media playback is unsupported on your device

Do cashless buses signal the end for physical money?

3 February 2014 Last updated at 15:53 GMT

London bus drivers are to stop accepting cash payments later this year, Transport for London have confirmed.

The body claims that 99% of customers already use Oyster, prepaid tickets, contactless payment cards or concessionary tickets.

So does this mark the beginning of the end for notes and coins?

David Birch from electronic transaction firm Consult Hyperion told BBC Radio 5 live's Wake Up to Money: "It's not going to disappear any time soon, but I think you're going to see it pushed into smaller and smaller niches."