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Sticker-shock: Wearable Thwarts Over-spending With Electric Shocks

With a third of millennials too scared to check their bank account, a British technology firm has developed the world’s first Internet of Things bank account. The IoT bank automatically detects overspending, then gives users an electric shock or turns their heating down to save hundreds on heating bills.

World’s first Internet of Things bank platform Intelligent Environments’ Interact IoT enables people to log into their bank and securely connect a range of smart devices. These devices then automatically respond to their bank balance, helping them save money. Smart devices already integrated into the IoT bank platform include Nest Thermostat and Pavlok, the wearable device that gives users electric shocks to help them break bad habits.

Pavlok: Train your brain to kerb overspending with electric shocks

The Interact IoT Pavlok integration works in four easy steps. First, customers log into their credit card or bank account. Second, they connect their Pavlok device and set a spending limit. Third, when they near their self-imposed spending limit, their phone will display a notification. Finally, if they go over their limit, Pavlok will deliver an electric shock to their wrist.

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