The emergence of the contactless smart chip has already sped up the payment process and is beginning to change our behaviour as consumers. Now, thanks to a new collaboration, it may also change the role of our clothes.

Tailored by M.J Bale, and with the help of Heritage Bank, the 'Power Suit' features a contactless payment chip and antenna tucked away inside the suit's sleeve. A prepaid account is used to store funds, and this can be managed online or by using an accompanying app, meaning it's quite simple to be responsible with your new-found payment freedom.

Innovation in the ways we handle and exchange cash certainly seem to be speeding up, and it could be argued the slow elimination of the credit card marks an attempt to replace the typical wallet with a closer integration of consumers themselves. For example, a Swedish student recently devised a system, dubbed Quixter, to transfer money by scanning the veins in your hand. MEVU, meanwhile, saw speedier ways to pay developing into a new approach to currency completely, with a bracelet that allows you to dispense Bitcoin payments with a flick of the wrist.