Australian tailor collaborates with bank to make the world’s first suit that makes contactless instant payments

After witnessing a men’s suit that stops bullets and encrusted with black diamonds, now we have a suit that doubles up as a wallet and can make cashless payments. Named the Power Suit, Australian tailor MJ Bale along with Heritage bank have come up with this high-tech suit which is also the world’s first garment to feature a cashless payment chip built into the sleeve. The Power Suit changes the definition of wearable technology or rather expands the spectrum greatly. The suit is still in its prototype phase and uses the same NFC technology found in NFC-enabled smartphones and the chip has been built into the sleeve of the suit jacket near the wrist which makes the payment process as easy as tapping your wrist on the reader at the point-of-sale (POS) payment terminal in a shop.

The Power Suit is made using Australian merino wool and uses Visa’s payWave system as a payment gateway which connects to Heritage Bank’s mobile wallet. Users can top up their mobile wallet with a balance from their bank’s debit or credit card and use it to make payments. As of now, they have made 11 prototype suits to check its feasibility and reception by prospective buyers. The suit’s maker quite confidently describes it as ‘the world’s most powerful suit’. Check out the minute long video after the jump that describes the Power Suit.

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[Via – IBTimes]