Actually, the option to enable it is present in 4.7. And, oddly, the way to enable it is even described in the documentation:
(near the middle of the page)
The only reason I mention this is because I just lost a few hours trying to figure out why it wouldn’t work, gave up, searched the forum, and ended up in this thread. 
If you follow the steps in described there, your material will just turn black and semi-transparent.