Now,a wallet that ‘clamps shut’ when you run out of money

Researchers says the wallets,which work on prototypes,is a feature that can ''help attract potential mates.''

Engineers have developed an electric wallet that tightens up when an individual runs out of money,and swells when one is flush.

According to researchers at MIT,the wallets,which work on prototypes,is a feature that could help attract potential mates.

The wallet protects the money within it when you need to be thrifty with a hinge that resists opening — it can be mapped to a monthly budget goal, the Daily Mail quoted the researchers as saying.

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The prototypes are

connected to the users phone by Bluetooth,and communicate via a tiny component in the wallet,which controls a hinge.

Our platform consists of Fingers,microprocessors embedded in personal objects,and Hand routing software running on a cell phone.

The wallet buzzes through a vibrating 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, they said.

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The prototypes,known as Proverbial Wallets,are tough enough to sit on,and actually do buzz and clamp shut when money runs short.

The Proverbial Wallets are working prototypes,tough enough to sit on.

They communicate with a cellphone through Bluetooth,using its data connection to get financial information from the users bank accounts, the said.