Wednesday, 07 Jul, 2010 Technology

Latest Invention: Proverbial Wallet Manages Your Expenditure


Researchers from MIT's Media Lad came up with the Proverbial wallet. Although the wallet looks almost like any other wallet, the team's latest invention features a small device fitted in the middle.

There are three types of Proverbial wallet. One variation of the wallet vibrates when the owner makes a purchase using a RFID-enabled credit card. Another variation grows or shrinks in size, depending on the amount of money in the user's bank account. The third type is getting harder to open when there account balance decreases.

In order to be able to perform the upper mentioned functions, the latest invention from MIT researchers has to be connected to the user's bank account through a Bluetooth signal from a cell phone or computer, reports Boston.

Currently the Proverbial wallet is just a concept, but it certainly has enough potential to be launched into the market in the near future.

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