Virtual payments with physical presence… meet the proverbial wallet.

In a time when UK shoppers have the option of using new contactless payment methods and over 50% of UK adults shop online, how do we ensure that we keep tabs on how much we actually have (or have not in most cases)?

The answer is the Proverbial Wallet! Check out the following video which demonstrates these awesome little lifestyle accessories!

Although not a new concept (this video was posted 2 years ago) I re-stumbled across the concept when looking at supermechanical’s latest product that just rolled off the production line TWINE.

Truly if all transactions do eventually go digital or electronic and paper money is something we look back on as a feeble commerce method of yesteryear then keeping a physical understanding of personal finances may indeed need to be formed to avoid overspending, which let’s face it happens a little too often these days.

But is the answer a wallet? If there is no need for money and all payments can be made via your smartphone, then maybe the metaphor of the wallet will be all too quickly lost. Now how about we move these ideas into other objects? For instance how about a pair of trousers that automatically gets tighter after eating a burger at a fast-food restaurant, or a shirt that sounds an alarm as you go to pay for another round of drinks, or a watch that gives me a shock if I purchase anything outside of the set parameters, such as video games and comics. All I know is that if any of these ideas make it to kickstarter my wife might well be adding to the pot!

On a serious note, this project has some merit. With the rise of smartphones, with them being branded as the fastest spreading technology in history, and stats showing how tablet adoption isn’t far behind, the global public want access to information and services in the palm of their hands and they want it now, even during a global recession. This device demand will change the way we look at ecommerce generally, and users will place a reliance on these devices for purchasing. So in a world of invisible transactions we need a tangible reminder… The proverbial wallet.