MIT’s Proverbial Wallet controls spending, alerts in more ways than one

We often end up spending more than our pockets and bank accounts can carry. This has gained momentum after the use of plastic money, credit cards have added endlessly to our spendthrift nature. To curb this with a tinge of technology, MIT’s Media Lab has created the Proverbial wallet, which at the first look is almost similar to any ordinary wallet but has a unique apparatus in the middle which makes the difference. The Proverbial wallet is done in three variations; the first vibrates when a purchase is made using a RFID-enabled credit card, while the other grows and shrinks in size corresponding to the money in the bank account, and the third most exciting, becomes harder to open with users decreasing account balance. For carrying these facets out, Media Lab members have connect the wallet with the user’s bank via a Bluetooth signal from a cellphone or PC. The wallet is only a concept now, but we believe it has potential to make real for better money management.

proverbial wallet mit media lab

Via: Boston/TechLand