Suit that pays for your purchases?

"The Heritage Bank Power Suit" screenshot video. (2014 YouTube, LLC)


, Last Updated: 6:04 PM ET

The tedious task of swiping your card in a machine or inputting your chip and pin code could soon be obsolete, thanks to a wave of new contactless payment initiatives.

Earlier this month, Australia's Heritage Bank teamed up with Visa to launch The Heritage Power Suit, a wearable technology outfit with an inbuilt payment chip sewn into its sleeve. No more fumbling around in your pocket for your card: the suave suit lets the wearer pay for items at Visa payWave terminals with a simple swipe of their cuff.

Japanese tailors MJ Bale have hand-stitched the outfit, which is made from Australian merino wool, spun by Italian weavers. The chip is linked to an account, allowing bankers to check their online finances and 'top up the suit' instantly.

Marketed as "wearable technology that a gentleman would actually wear," the Power Suit is being tested on 11 lucky customers at the moment. A 12th prototype was recently auctioned off on eBay, with proceeds going to charity.

The Power Suit isn't the only quirky contactless payment method emerging onto the market. Swedish company Quixter recently developed a payment method based on "vein-scanning," which works by scanning the unique vein patterns in each person's palm and allows consumers to pay for goods by placing their hand to a scanner for less than five seconds.