HERITAGE Bank is at the forefront of mobile payment technology, having launched a new app which allows people to pay for goods with the wave of a smartphone.

In an Australian first, the Toowoomba bank has collaborated with Optus and Visa to produce the groundbreaking mobile technology, Cash by Optus.

Heritage chief executive officer John Minz said his empty wallet wasn't the result of having six kids, but an example of the future of contactless payment.

"The launch of Cash by Optus now also establishes Heritage as a leader in mobile payments," he said.

"Heritage provides the transaction processing and settlement services that makes Cash by Optus possible and was heavily involved in developing the product.

"At the moment we're also working with staff at FinTech in Singapore and looking at technology like watches which can be used to make payments.

"The world is watching this."

Cash by Optus uses near field communication and Visa payWave technology that can replace cash purchases below $100.

Optus mobile marketing vice president Ben White said there were already one million Optus postpaid customers with compatible devices who could use the product.

"We're the first Australian telco to launch a mobile payments app," he said.

"Australians are leading the world for contactless payments with 60% of face-to-face Visa transactions made using Visa payWave."

To use Cash by Optus you need an Optus postpaid mobile account, a compatible Android smartphone, a SIM which is sent on request and the Cash by Optus app.

For more information or to register for Cash by Optus visit optus.com.au/cash.