Cash withdrawls cost three days per year

London commuters are wasting precious time by using cash when faster alternatives are available, it has been claimed.

A survey of 100 London workers by Visa Europe found workers waste one hour per week -- totalling nearly three days per year -- paying cash for everyday purchases such as coffees, newspapers and snacks. This includes time queuing at cash points for the cash in the first place.

The Visa Europe Time and Motion study found 63 per cent of London commuters make up to three cash withdrawals per week, each one taking around 146 seconds -- this makes for seven minutes and 18 seconds wasted per week. Unsurprisingly, Visa Europe is advocating a contactless payment system for purchases of £10 or less as a more convenient option.

Visa Europe is one of a number of credit card companies that have rolled out a contactless payment credit card in partnership this autumn.

Visa is working with member banks including Barclays, HBOS, HSBC, Lloyds TSB and RBS to offer a product called payWave. Barclaycard combined this with the Oyster public transport swipe card in a product called OnePulse in September.

Head of innovation and acceptance for Visa Europe, Sandra Alzetta, said with more than 70 per cent of commuters admitting to spending up to £50 in cash each week on sundry expenses, it is "easy to see the opportunity" for contactless payments as a cash replacement.