The smart handbag that can lock your wallet up when it thinks you need to stop shopping (and it even knows when you walk into your favourite store)
- Bag uses smart tags on the owners wallet to monitor their spending
- Can lock the bag automatically at key shopping hours
- Lights and text messages alert owner they are in ‘danger spending zone’
- Can be set to recognise favourite store and lock when owner is nearby
A new hi-tech handbag claims to be able to curb the spending of shopaholics.
Called the iBag, it uses a smart sensor on the owner’s wallet to track their spending.
If it detects a shopping spree, or the owner walks into their favourite store, it can automatically lock itself.
The iBag has been designed to look like an ordinary handbag – but can automatically lock itself if the user takes their wallet out too often.
HOW THE IBAG WORKS
An RFID smart tag is used to track when your wallet is taken out of the bag, and how often.
Users can also set a clock to lock the bag during vulnerable spending times of the day such as lunchtimes.
A mobile phone module can send an SMS alert when you enter a ‘danger spending zone’, which the user can set to their favourite store or shopping centre.
GPS chip controls LED lights to warn when entering a ‘danger spending zone’ or shooping centre at a vulnerable time.
The iBag was created following a survey commissioned by creditcardfinder.com.au, which found one in four credit card holders don’t usually pay off their balance in full each month.
Michelle Hutchison of the firm said the iBag is designed to help people who can’t control their spending.
‘Many Australians are clearly out of control with their credit card spending and don’t realise the financial impact that their impulsive spending has,’ she said.
The bag has a smart lock system that can be activated when the owner is close to their favourite shop
It is controlled using a small computer which fits inside the bag
‘These impulsive purchases really do add up.’
The survey results highlight the need for some card holders to take extreme measures to curb their credit card spending, she said.
‘The iBag hopes to help them with short term debt relief by shutting them out at hours identified as their splurging times as well as flashing and sending an SMS when they enter their ‘danger spending zones’.
However, Mrs Hutchison admitted the iBag may not help all shopaholics.
The locking mechanism and the LED lights that flash when the user is near their favourite store
‘This not a longterm solution for those that are out of control with their spending,’ she admitted.
‘The iBag is an extreme option for overspenders and may not be the answer for everyone.
‘For instance, the iBag will help remind you not to use your credit card but it can’t stop you from overspending, not sticking to a budget or saving and how to pay down your debts.