Contactless payment technology allows users to pay without typing PIN

Contactless payment technology now allows users to tap their bank card to a card reader so that the contactless chip could be read by the chip. With this, the transaction is completed wirelessly and users are saved the time typing in their PIN.

In the UK, the limit, until now was £20 to stop others from taking advantage of the fact they did not need to know users' PIN to use their card, but that limit has now been increased to £30.

Although it had often been found that a contactless chip could be put in anything: bPay is offering a wristband, keyfob or all-purpose sticker that could be swiped on tills to pay without a PIN. The chip could also be put in a special pocket in the limited edition hooded coat (available in blue or black) from iconic British brand Lyle and Scott.

The cuffs of the jacket come with a neat button-up strap, and the right strap has a tiny pocket that seals up with velcro. That was where the chip could be popped, nestled securely in the little pocket so all users had to do was to hold their wrist to the card reader to pay.

Barclaycard and its contactless bPay technology partnering with fashion brand Lyle and Scott to create a jacket that can be used to make contactless payments in the same way consumers would use a contactless card - by tapping the sleeve against pay points.

The jacket - which is going on-sale online and in the brand's Carnaby Street store in London - has space in the cuff for a contactless payment chip, like those found in debit and credit cards.

Technology is being increasingly embraced by fashion, as smartwatches and other wearable technology become more widely available.

Last year, before it launched, the Apple Watch appeared on the cover of the Chinese edition of Vogue.

Lyle and Scott have created an innovation team to launch 'ground-breaking products' designed to fit this growing trend, of which the jacket will be the first.

'We are a brand that embraces our heritage, however, we understand that it is extremely important to stay in touch with the needs of our modern customers,' said the firm's innovation project manager, Jonathan Briggs.

''Innovation is key to realising this, and so we are proud to partner with bPay to launch the world's first contactless payment jacket.''

According to statistics from the UK Cards Association, the number of contactless payments in the UK rose by 331 per cent in 2014.

Mobile and contactless payments are becoming increasingly accessible to consumers, with Barclaycard also offering bPay contactless wristbands and key fobs into which contactless chips can be inserted.

Apple Pay is now also live in the UK, enabling iPhone 6 and Apple Watch users to pay using contactless.

Both Samsung and Android are also set to launch their own versions of this technology for smart phones later this year.

The Reserve Bank of India (RBI) has cleared the decks for contactless transactions using near field communications (NFC) technology, even as the State Bank of India (SBI) announced the largest contactless card rollout. (See: RBI clears decks for contactless payment system).