Designers at US-based firm Artefact have developed a concept for a connected wristband which will enable you to manage your money and make secure remote payments.

In Prospect: Token connected wristband will let you make payments and manage your budget

The science-fiction film Time Out is perhaps not too far away from the ideas that inspired the designers of the Token wristband. In the film, the characters make money transfers with a fist bump. Now Seattle-based product design studio Artefact has designed a wristband along similar lines. The Token owner will be able to use a touchscreen to make transactions, on condition that the receiving party uses a similar system or an interface that can receive this type of remote transfer. The system allows you to put different bank accounts on to a single interface and to choose the party to be credited from your account by merely tapping the screen.

Token will help you manage your budget

Users will be able to pay for purchases at a store once the system automatically detects a WiFi network which can communicate transaction orders. Meanwhile for fellow wearers, the designers have developed a system of wristband-to-wristband transfers when the parties are in close proximity to each other. The user will just have to tap a few commands on his/her touchscreen to confirm a payment or donation. But the concept goes much further than a simple means of remote payments: Token is also intended to promote smarter consumption. It has an option feature enabling your account(s) status to be visualised, showing the impact of any impulse buy you might make.  It can thus help you to budget your income and outgo, track expenditure and register your bills. The Artefact team also highlight the functionality for displaying a recommendation for a product that is similar but cheaper.

Addressing security issues

The Seattle-based company’s concept wristband is also designed to address security issues. If your Token were stolen or lost, which is rather unlikely since it is worn on the wrist, the thief or finder would not be able to use it, as it incorporates two levels of security: its owner’s fingerprint plus a PIN code. Artefact is not planning to actually market the product in the foreseeable future, but is hoping its design concept will inspire other players in the sector.

By Lucie Frontière