Proverbial Wallet Uses Technology To Encourage Smart Spending

Behavioral economists and psychologists have long been discussing the cognitive implications that naturally come with the abstraction of currencies. Cash is a more abstract form of exchanging value than physical barter/trade, and the credit card is an even more abstract form of exchange than cash. Generally speaking, the more abstract the exchange, the less cognitive impact it has on our long-term thinking and decision-making – often with negative results, as indicated by the rates of credit card debt in the US and elsewhere. As we move into virtual currencies where value is increasing exchanged via SMS, mouse click, or natural gesture motion, many design and cognitive thinkers are expressing their concern about the implications of these even more abstract methods of exchange.

The Proverbial Wallet series of concepts have these thoughts in mind, developed by a tangible interaction team at the MIT Media Lab. These concept wallets incorporate elements of physical and social feedback into the act of spending, bringing a level of cognitive impact back into the purchase process. Each gives a nod to the principles of at-a-glance information and immediate feedback, and their importance in giving people the tools to make better decisions. See below for the team’s description of these concepts:

Peacock: The wallet appears to grow and shrink using a servo to reflect the balance in your accounts. Your assets will be on display to attract potential mates.

Mother Bear: The wallet protects the money within it when you need to be thrifty with a shorted motor in the hinge that resists opening. It promotes saving to weather out financial winters.

Bumblebee: The wallet buzzes through a vibrator motor whenever your bank processes a transaction. This encourages a conscious connection between handing over your credit card and your hard-earned money being harvested from the bank, and alerts you to fraud when you get a buzz without making a purchase.

Proverbial Wallet

[via @carlablumenthal | img via Boston.com]