New Pavlok wristband gives you an electric shock if you spend too much money

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A British firm has launched a wristband which it says could help to stop us overspending.

The Pavlok wristband has been created by Intelligent Environments and is linked to the online bank account of the wearer.

Users set a spending limit and whenever they get close to the limit they will first receive an SMS or the small vibration from the wristband as warning.

However, when the wearer gets closer to the limit the shocks get more intense. As a final warning, the wristband gives out a 255 volt shock, although the settings can be modified to send an electric shock to a maximum of 340 volts.

Intelligent Environments say the shock is uncomfortable rather than painful and that the wristband has been fully tested and is safe.

The bracelet is being aimed young people, parents and partners who may be worried about their loved one’s spending habits.

Pavlok wristband

“This is all about giving customers the choice to control how they spend money,” David Webber, the chief executive of Intelligent Environments told the Telegraph.

As of yet, no banks have shown an interest in using the system, which its creators have assured is secure and will keep the users information safe.

“It’s completely secure,” Mr Webber said.

“There’s absolutely no financial or personal information passing into the devices.”

Intelligence Environments also said its platform, which uses IoT or Internet of Things technology could be modified and used in other areas related to saving money.

For example, if at the end of the month you are running low on funds, the technology could send a warning to your car to change from sport to economy mode so that you save fuel.

Intelligent Environments launches world’s first Internet of Things Bank from Intelligent Environments on Vimeo.

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