Apple Pay, Google Wallet, Zapp - all methods to pay for goods & services using our smartphones. One thing’s for sure, we’ll all have the option of using our phones for payment, rather than our credit cards, in the not too distant future. But is the UK ready to embrace this new way of paying?

Starbucks recently announced that a significant 16 percent of US transactions took place via a mobile device—about 7 million mobile payments per week. It seems our US counterparts are enjoying the cost saving & convenience benefits.

With a raft of major UK retailers including Asda, Sainsbury's and House of Fraser planning to offer a similar service in 2015, this certainly looks like a reality for the UK too. So how will it work?

In short, you’ll take your shopping basket to a cashier or self-service till and select the mobile payment option. It’s then a case of selecting which account you want to pay from. A six-digit code, representing the shopping basket would appear on the phone, which is tapped in at the retailer's point of sale. As soon as the payment is made, the money should be transferred in real time.

For low-value payments, it’s likely you’ll be able to wave your phone over a reader, similar to using a contactless card.

So, get ready to leave your purse or wallet at home. Just don’t forget your phone!