This smart wallet is one that is capable of protesting when too much cash is being shelled out.
The wallet is connected to 'Zaim,' a bookkeeping app that helps to monitor spending habits. The 'Living Wallet' has two modes: "save mode" and "consume mode." When a user's account has a negative balance, the wallet automatically uses its tiny wheels to inch away like a caterpillar to escape the grasp of those who try to grab it. It is even capable of turning around to make it even more evasive. But even when you manage to catch this feisty runaway wallet, it audibly emits cries for help.
Even if the wallet's cries do not deter a user from spending money, its last move is to call the wallet owner's parents for backup.
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Trend Themes
1. Smart Wallets - The rise in popularity of smart wallets with features like automated tracking and budgeting provides an opportunity for disruptive innovation in the fintech industry.
2. Proactive Financial Management - With the emergence of proactive financial management tools like the Living Wallet, people can be alerted to their spending patterns and make positive changes, creating an opportunity for disruption in the personal finance industry.
3. Gamification of Personal Finance - Incorporating gamification into personal finance management tools, like the Living Wallet, presents an opportunity to disrupt traditional budgeting strategies and make finance more engaging for users.
Industry Implications
1. Fintech - The Living Wallet illustrates a need for innovative solutions that merge personal finance with technology, creating an opportunity for disruption in the fintech industry.
2. Consumer Electronics - The advent of smart wallets like the Living Wallet presents an opportunity for the consumer electronics industry to explore creative and practical ways to integrate technology into everyday objects.
3. Parenting - The feature of the Living Wallet that alerts parents when their child is spending frivolously provides an opportunity for disruption in the parenting industry by introducing new tools to support and manage children's financial decisions.