14 DAY TRIAL // Wearables are no longer limited to smartwatches or fitness bands and, by the looks of it, they are getting increasingly specialized.
And because handling money is a big part of our existence, a bunch of designers, who grouped up under the Artefact name, imagined a wearable capable of helping you handle your finances, while becoming a smarter consumer in the process.
The creative group has come up with Token, which is a sleek wearable bracelet capable of storing up several of your payment accounts connected to credit cards, digital currencies, and PayPal account.
The interesting part is how this little device keeps your banking information safe from harm’s way. To achieve this goal, it relies on three unique aspects only the owner might be cognizant of.
First off, the Token will analyze one of the owner’s unique bodily characteristics (maybe a thumb print or heart beat). It will then proceed to ask the owner for a familiar piece of info (PIN or password) and to identify something they own (like the device itself).
So, in case you get your device stolen from you, the Token will be rendered completely useless because only the owner's distinct biometric info can authorize access to it.
Token is a lot smarter than the average wearable and is capable of picking up when a merchant’s Wi-Fi is active nearby and then relay product info and payment details by virtue of touch of a finger.
Since the wearable is connected to your bank, you can also easily and safely transfer money to a friend or give your child their weekly allowance by touching them with your fingers (provided they too are users of the Token).
If these features sound handy to you, wait until you hear about the next one. According to insights coming from behavior economics, a field researching our spending habits, why we spend, and what exactly prompts us to do so, we are more likely to make the right decision after we are shown the negative outcomes of our choices.
Therefore, using your credit card to buy a tablet you can’t really afford at the moment will be easier than actually paying with hard cash.
Basically, Token is said to be able to show you the impact your purchases will have on your budget, thus making you reconsider the slip. This way, you’ll be able to cut back on impulse shopping and save up for what really matters to you.
A lot has been written down about wearables, but bottom line is they are devices to be worn on our bodies and, therefore, they could be transformed into tools for getting to know ourselves better. This is not applicable only to healthcare and wellness, but to our spending patterns, which, of course, contribute to the overall state.
Sadly, Token is currently only a concept of a device, and we won’t see it arrive on the market too soon. To do, so Artefact would have to build an impressive infrastructure, and the group currently doesn't have the necessary means.
