To stop women from overspending, an Australian credit card comparison company has launched the iBag.
It looks like a normal handbag and, to an extent, it is. However, it is a handbag with radio sensor, a GPS tracker and even the ability to trigger a physical lockdown, preventing its owner from being able to open it, if need be, the New York Daily News reported.
AdvertisementCreated by creditcardfinder.com.au, an Australian credit card comparison service, the motivation for launching the iBag is to help people rein in their unnecessary spending and in particular, keep them from accessing their credit cards when they are at "their most vulnerable."
It uses an RFID tag which tracks and counts every time the purse or wallet is being removed and replaced in the bag and it also uses GPS technology to know when the bag and its owner are in dangerous locations -- say for example a shopping mall the week before payday.
If the data the bag is gathering raises a digital red flag then it can send a text message to a friend or family member and in extreme cases, automatically enable the bag's lock during the times of day when the data suggests its owner is most likely to spend money.