14 DAY TRIAL // An Australian company has developed a new hi-tech handbag which is able to curb the spending of shopaholics who lack self-control.
The iBag, invented by the owners of the website Creditcardfinder, uses radio frequency identification technology to monitor the transactions on your credit card. This new handbag is designed to lock itself automatically when it considers you may be overspending.
It can be programmed to shut, flash and even alert the owner or a “responsible other” via text messages when the wearer is in locations where he or she may be tempted to overspend.
“The core function of the iBag centres on teaching people to be aware of their spending urges and help them monitor when they are using their credit cards,” says Jeremy Cabral, Creditcardfinder’s head of publishing, as reported by Daily Mail.
The creators of the iBag say that the purse was initially designed for women, as the research conducted by the company shows they are more likely to spend lavishly and become addicted to shopping. Moreover, the study showed women don't usually pay off their balance in full each month.
The handbag functions with an Arduino processor and a real-time clock. It also includes a GPS chip and LED lights that flash whenever the owner gets too close to his or her favorite stores.
“We wanted the iBag to snap shut whenever you entered a ‘danger-spend-zone’ - areas where you splurge the most - but that posed a safety risk. Instead, we designed flashing lights to act as a deterrent to spending,” adds Cabral.
For the moment, the bag was released only as a prototype, and the developers say it will be mass-produced only if there is enough demand.
Those who would like to purchase such a product can already place an order. If enough customers show their interest, the bag will be put on sale for $199 Australian dollars.
The company says the iBag already generated some hype on the Internet.
“We have seen a lot of interest in the iBag on social media which has been really exciting, with over 3,000 tweets about it, more than 7,500 Facebook likes for posts about the iBag and over 57,000 views of our Youtube and onsite videos,” says Michelle Hutchison of Creditcardfinder.