Not long after we listed our top five must-have travel suits, Australian suit-maker MJ Bale has teamed with Heritage Bank and Visa to create a smart suit and put a suave twist on the payment process.

You can leave your wallet at home with the Power Suit. The formal garment uses Visa's payWave system and Near Field Communications (NFC) technology  - the same we see in “tap-and-go” travel cards and smartphones.

The wearer can simply tap his or her wrist on a payment terminal in order to pay for goods or services. But be delicate, as you would not want to scuff the fabric. The suits are made from 100 percent Australian merino wool, and the design was overseen by master Japanese tailor, Kenichi Kaneko.

The natty spenders simply need to keep their mobile wallet topped up via their bank's smartphone app. MJ Bale has made 11 Power Suit prototypes, which are currently being trialled.

“The world’s most powerful men don’t carry a wallet. This suit allows you to join their ranks,” said Matt Jenson, CEO of MJ Bale.

"The prototype means the wearer doesn't need to ruin the cut of their trousers or jacket with a bulky wallet. It allows individuals to be ahead of the technology game and look top notch," he added.