It's Paul Olarewaju's Blog Again!!!: Firm Seeks To Give Bank Customers An Electric Shock If They Overspend

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Thursday, 19 May 2016

Firm Seeks To Give Bank Customers An Electric Shock If They Overspend

Lol! What if this policy gets adopted in Nigeria?

A British firm is seeking to put the buzz back into budgeting by giving bank customers an electric shock if they overspend.

According to BBC:

Intelligent Environments has launched a platform which can link the Pavlok wristband, which delivers a 255 volt shock, to a bank account.

If the funds in the account go below an agreed limit, the band kicks in.

It can also work with smart meter Nest to turn down the heating and save energy bills if funds are low.

No bank has yet announced that it will be offering the Interact IoT (Internet of Things) platform to customers but Intelligent Environments lists several British banks as clients for its existing online banking platforms.

Chief executive David Webber told the BBC the idea was about consumer choice.

"This is about reacting to changes in your financial well-being," he said.

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