As ever, the gadget-mad Japanese have been doing it for years. But on Thursday Visa announces its first commercial launch of a scheme that enables consumers to make payments by waving their phones at readers next to cash registers. Malaysians can now buy a Nokia phone equipped with a Near Field Communication chip, link it up to their Maybank account, and start spending in 1,800 retailers across the country. The world has inched closer to the cashless economy.

Admittedly, the 3,000 NFC-equipped phones initially available represent innovation rather than revolution. But the launch follows years (if not decades) of discussion and pilot schemes. Malaysia goes first thanks to a youthful population, high mobile phone penetration and a public transport system that uses a “tap-and-go” card-reader technology familiar to London commuters. If it is popular, Visa will roll out the system in other countries within 12 months.