The artist J.M.W. Turner, along with one of his paintings, has been selected via a public vote to appear on the next £20 note, which will go in to circulation by 2020, the Bank of England has announced.

Turner's is the first image to be selected following a vote by the general public, a process the bank adopted in 2013 and begun in 2015 – with 29,701 nominations coming in after it announced it would use an artist on the new note.

Bank of England governor Mark Carney said: "I am delighted to announce that J.M.W. Turner has been chosen to appear on the next £20 note. Turner is perhaps the single most influential British artist of all time. His work was transformative, bridging the classical and modern worlds. His influence spanned his lifetime and is still apparent today. Turner bequeathed this painting to the nation, an example of his important contribution to British society.

"I would also like to take this opportunity to thank all the people who got involved in the process and that sent us their suggestions for visual artists to celebrate. The range and breadth of these nominations is testament to the UK's achievements in the arts and the public's passion for it. The Banknote Character Advisory Committee did an outstanding job of working through these nominations. Their help in reaching today's decision was invaluable."

The image of Turner – selected by a committee with help from focus groups from a total of 509 eligible characters – will be his own self-portrait, along with another of his paintings The Fighting Temeraire, a tribute to one of the ships used in The Battle of Trafalgar.

Turner is the first new face to be announced for bank notes, following a successful campaign to get writer Jane Austen onto a bank note after there was uproar when Winston Churchill replaced Elizabeth Fry on the notes, of which only around 10% bear the image of a female historic figure, in addition to Queen Elizabeth II.

But during the campaign, women campaigning to see greater representation on bank notes reported receiving threats and online harassment, with campaigner and freelance journalist Caroline Criado-Perez reporting 50 abusive tweets per hour.

The selection of Tuner was praised by modern artist Tracey Emin, who said of the announcement: "It's so amazing that an artist has been chosen for the £20 note and an artist who was a wild maverick.

"It's wonderful that Britain's creative side is being honoured in this way and of course I am especially happy because it is Turner and he loved Margate."

The full security details and design are set to be released by the Bank of England at a later date.