Owners of a Pavlok wearable device will now be given an electric shock whenever they spend too much money using a new service developed by UK-based Intelligent Environments. The Interact IoT solution has also been integrated with Google’s Nest Thermostat, triggering it to turn the heating down when it detects overspending.
“Interact IoT enables people to log into their bank and securely connect a range of smart devices,” Intelligent Environments says. “These devices then automatically respond to a user’s bank balance, helping them save money. The Interact IoT Pavlok integration works in four easy steps.
“First, consumers log in to their credit card or bank account. Second, they connect their Pavlok device and set a spending limit. Third, when users near their self-imposed spending limit, their phone will display a notification. Finally, if users go over their limit, Pavlok will deliver an electric shock to their wrist.”
“As with Pavlok, if a user’s account balance drops below their self-imposed spending limit, the bank will automatically turn the Nest Thermostat down to a user-defined temperature,” the company adds.
“Intelligent Environments anticipates many discussions with banks and credit card companies in order to bring the Interact IoT platform to their customers in the near future. Furthermore, Nest Thermostat and Pavlok are just the first of many integrations.”
“With cashless payments like contactless, direct debit and Apple Pay, it’s unsurprising we lose track of spending, so we decided to solve this by enabling smart devices to manage our overspending for us,” says David Webber, managing director at Intelligent Environments. “Customers can now get complete control and oversight of their finances without having to lift a finger.”