"Cash in hand" could soon take on a whole new meaning as a tech company has found a way for shoppers to utilize a contactless payment system via a microchip that is implanted into their hands.

Walletmor, a London-based company, has developed the Purewrist app, a digital wallet that pairs with a microchip that users can allow a specialist to install into their hands, Fox 10 of Phoenix reported.

The app, along with the microchip, would allow users to make contactless payments to businesses that also use the app, the company said, according to the report.

The implant process, which the company claims is safe, costs $299 and the device may be used for everyday visits to local grocery stores, purchases at coffee shops, or anywhere else, the company says on its website.

"The implant can be used to pay for a drink on the beach in Rio, a coffee in New York, a haircut in Paris - or at your local grocery store," founder and chief executive Wojtek Paprota said in a statement to the BBC. "It can be used wherever contactless payments are accepted."

Contactless payment systems have become more common in grocery stores and businesses, usually used via a microchip installed in a credit card or via a phone app. Both Apple and Android have contactless payment options.

SOURCE: FOXNEWS                                                                                                                      IMAGE SOURCE: PIXABAY