Eight in 10 Millennials -- those aged between 18-28 years -- across Asia, Russia and the UAE believe that new technology will allow them to do all their shopping and bill payments online, making way for a future without cash, says a study.

The Millennials in 16 Asia Pacific countries represent a USD 907 billion opportunity, which is the total annual disposable income of urban area higher class, according to Visa's Connecting with the Millennials study.

Indian Millennial ranked third among 16 Asia Pacific countries with total annual disposable income of USD 139 billion, the study added.

"We believe the Millennial play a significant role in boosting electronic payments in India: they have an active digital lifestyle and are embracing new payments technologies," Visa Group Country Manager, India & South Asia Uttam Nayak said.

The study which featured interviews with over 5,500 young people across Asia, Russia and the UAE, said eight in 10 Millennial believe that they will one day be able to do all their shopping and bill payments online. Moreover, 73 per cent believe this will be possible with a mobile phone.

The case is similar for India as well, where 76 per cent of the Indian Millennial one day wish to make all their payments using their mobile phone and 79 per cent wish to be to make all purchases and pay bills online, hence, driving the move towards a cashless future.

According to the study, Indian Millennial have an active digital life and they spend 16 per cent of their monthly disposable income online.

Despite the steady growth of electronic payments in India, heavy usage of cash is still seen as a key barrier.

According to the survey, millennial still pay for 56 per cent of the total expenses by cash. This is majorly for payments of low value products.

However, for high value payments of over Rs 1,000, they prefer debit cards, the study added.

Eight out of 10 millennial are online shoppers, half of which say they shop online monthly. Millennial from Korea (76 per cent), Taiwan (53 per cent) and mainland China (84 per cent) top the list of online shoppers who shop at least once a month, the report added.