The first of two factors that I feel will be part of the payment system that topples PayPal’s crown is a no-brainer: make micro-payments a popular and real thing.

The other is something far less innovative.

When I look at purchases on my credit card statement, I see the name of a merchant and a dollar amount. Often the name is not one I recognise, and it can be difficult working out exactly where I made the transaction. And even if I know who the merchant is, there is nothing to tell me what I purchased.

Likewise, PayPal uses the same system. Yet in this data rich electronic age, there’s no reason why I can’t see the full details with one click:

• the merchant’s trading name
• their full contact details
• list of the items I purchased
• option to cancel (if it is a subscription)

Once we have all that, the data could be used for analysis – a home finance system.