The research also revealed that the number of people regularly doing unpaid hours at work increased by 331,000 last yearReuters

Consumers are slowly shirking away from cash and paper in a bid to have an 'electronic wallet'.

Speaking to IBTimes TV, MasterCard's president of international markets, Ann Cairns revealed how even the use of having physical cards are starting to wane as more people opt for contactless payments and digital finance.

"Cash is dying slowly but paper and cash still accounts for around 85% of the world's consumer payments," said Cairns.

"However, in the emerging markets, cash can account for 97%. However, in some markets, like Poland, there is huge growth in the use of contactless payments.

"The word 'credit card' doesn't really lend itself fully as the card part is dematerialising into the uptake in electronic wallets."

Cairns is responsible for the management of all markets and customer-related activities outside of North America and is a member of the company's Executive Committee and based in London.

She says that with the boom in technological innovation, credit card payments are becoming more of a norm in some countries.

For the full interview, check out IBTimes TV or the video at the top of the page.