Smart Wallets: Are They Really “Smart” Enough?

We already know about the #-Link-Snipped-# which open only after recognizing the fingerprints of its sole owner. But now it’s time for Smart Wallets which will now watch what and how much you spend. With lesser use of cash than credit it becomes difficult to keep constant track of how much your bank balance has drifted down to. Designed by the researches at Media Lab’s Information Ecology Group (MIT), the wallet is claimed to reflect your bank account in a more personal way. The wallet connects with the help of bluetooth with your cellphone. An application on your phone gets the information from your bank and then sends commands like buzz, resist opening or grow fat or thin to the wallet.

The group has developed three distinct prototype high-tech wallets that automatically connect to your bank account. The three wallets namely the Bumblebee, Mother Bear and Peacock are one of their own types. The Bumblebee buzzes with the help of a vibrating motor whenever you make a transaction through your card which lets you know that you are spending your hard earned money. It will also be a warning against fraud transactions if it buzzes without you spending on anything.

The aptly named Mother Bear provided with a hinge disallows the excessive expenditure by resisting opening when you have already spent a lot from your account. The wallet can be programmed with a monthly budget to help you save more of your income.  But can you imagine the embarrassment if you take your girl on a date and the wallet refuses to open? The Peacock on the other hand in a way displays the amount of money you have in your account a little too publicly. The wallet swells and shrinks to reflect the balance in your accounts. This, my friends seems to be an open invitation to all the thieves around you to come and rob you of your wealth.



MIT researcher John Kestner says that the wallets are a little too finicky for daily use right now and the Peacock’s bulge is quite impractical and needs to be developed further. It sure does. In my personal opinion I would love to mind my own money rather than giving the command in the hand of my wallet which won’t allow me to spend as per my likes and dislikes. Moreover, the wallet is not smart enough to not let you buy stuff which are too expensive or which you don’t need. It‘s only concern is that the account is low already so you can’t buy now which might make it troublesome at times. The wallets though durable definitely needs to get more practical and smarter too, to be used in daily life. What’s your say?