Introducing iBag2: America’s first programmable IOT handbag designed to help curb impulsive spending

iBag2 tech, functionality and design

Introducing the iBag2

  • Is your spending out of control?
  • Do you struggle to say “no” when out at the mall?
  • Not prepared for unexpected bills?
  • Sick of borrowing money?

Say goodbye to impulsive spending with the iBag2. An extreme wearable device to help you curtail your spending.

If you can’t be trusted at the shops, here’s a bag that won’t give you the benefit of the doubt. The iBag2 will tell you “NO” if you’re not able to say it to yourself.

The iBag2: A wearable to curb spending like never before

Physical cues like lights, vibration and self-locking help remind shoppers of their spending goals when they’re most vulnerable. Powered by an Arduino Uno microprocessor and a 10,000 mAh power bank, the handbag features six distinct components:

  • A timer connected to electromagnets that lock the bag according to your most vulnerable spending moments during the course of a day;
  • An RFID system connected to LED lights and vibration motors, which light up blue and vibrate each time your wallet is taken out as a discreet reminder of spending goals;
  • GPS tracking that warns you via amber lights and vibration when you are nearing one of your pre-programmed vulnerable spending zones;
  • The locking function turns on if you proceed to enter your danger zone;
  • A reminder every two hours via yellow lights and vibration that it’s time to reapply sunscreen; and
  • A bluetooth tracker Tile that will alert your phone through an app if the bag is a certain distance away from you.

Learn more about the iBag2

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iBag2 development in action

Images

Animated gifs

>> Find more images and videos at the iBag2 Media Gallery

For all media enquires, please contact:

Michelle Hutchison
Michelle Hutchison Global Head of Communications & Money Expert
Michelle@finder.com.au@MichHutchison/in/michhutchison
M: +61 403 192 994

Spending survey

When it comes to credit cards, Americans are big spenders on plastic. According to a finder.com study of of 6,838 American adults conducted in May 2016 by global research provider pureprofile, the majority of American credit cardholders – 64 percent or approximately 158.6 million people – make unplanned purchases with their credit cards each month. On average, they make over seven per month.

Which age group is the biggest impulse spenders?

Perhaps unsurprisingly to some, Millennials (aged 18-34) are the biggest impulse spenders, making 14 unplanned purchases per month, compared to eight for Generation Y (aged 35-54) and four for Baby Boomers (55+).

How impulsive spending impacts relationships

The most concerning results from the study was that one in five American cardholders (20 percent) admit their credit card spending has led to an argument with their partner or a family member, and 21 percent make secret credit card purchases that their partner doesn’t know about.

State by state at a glance…

New Yorkers are the worst spenders according to the survey, making the highest number of impulsive purchases than any other state, of 13 per month. This was followed by credit cardholders in New Mexico and Texas, both with an average of 11 impulsive purchases per month. Cardholders in Georgia and Iowa make 10 impulsive purchases on average per month, while California, Washington and Mississippi cardholders make an average of nine impulse buys per month.

The least impulsive shoppers were from Arkansas, Connecticut, Minnesota and Oregon, where cardholders make on average three impulsive purchases per month.

Is credit card spending out of control?

America’s credit card debt is collectively sitting at $960.8 billion (as of June 2016. Source: U.S. Federal Reserve). There are about 247.8 million cardholders in the United States, with 435.6 million cards in circulation. That’s 1.76 cards per cardholder on average (source: New York Fed Consumer Credit Panel/Equifax). Based on current growth rates, finder.com expects the total number of credit card accounts to be back at pre-financial crisis levels (496.1 million cards in 2008) by the second quarter of 2018.

Note: There were 11 states excluded from the study due to sample size under 40 respondents, including Alaska, Delaware, Hawaii, Idaho, Montana, North and South Dakota, Rhode Island, Utah, Vermont and Wyoming.

Frequently asked questions

Who did finder.com collaborate with on the design and build of the iBag2?

finder.com assembled a team of experts to help develop the iBag2 to ensure the highest quality technology and design. A female-led team of engineers from robotics firm Colmac Robotics in Dublin, Ireland, designed the robotics that brings finder.com’s concept to life, while renowned New York-based fashion designer Geova Rodriguez designed the bag’s exterior.

How does the iBag2 differ from the original iBag?

finder.com created the iBag2 following the successful launch of the original iBag in Australia in 2014. The handbags have the same objective – to help curb impulsive spending – while improvements have been made to the design and technology for the iBag2. For example, the original iBag does not feature the iBag2’s self-lock mechanism when entering a shopping danger zone. Instead, the original only locks at specific vulnerable spending times. Other upgrades include a more powerful microprocessor, electromagnets, couture design, bluetooth technology and sunscreen application reminder.

When does the iBag2 go into production?

If we receive enough interest from the public, we will go into production. There is a form below where you can register your interest.

Will you be releasing a bag for men?

finder.com is in the research and design stage for a men’s version of the iBag2, with a prototype due to be released in December 2016.

Who is finder.com?

finder.com is a personal finance website, which helps people compare financial products online so they can make better informed decisions. Consumers can visit finder.com to compare credit cards, mortgages, personal loans, life and travel insurance, shopping coupon codes, and so much more before choosing the option that best suits their needs.

Best of all, finder.com is completely free to use. We’re not a bank or insurer, nor are we owned by one, and we are not a product issuer or a credit provider. We’re not affiliated with any one institution or outlet, so it’s genuine advice from a team of experts who care about helping you find better.

finder.com launched in the U.S. in September 2015 and is privately owned and self-funded by two Australian entrepreneurs – Fred Schebesta and Frank Restuccia – who successfully grew finder.com.au to be Australia’s most visited personal finance website.

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Meet iBag2 Designer Geova Rodrigues

Geova Rodriguez with iBag2

Geova Rodrigues is a Brazilian fashion designer based in New York City. His hand-made designs feature a mixture of different fabrics, textures and embellishments that he combines to create beautiful and unique pieces.Born in Barcelona in the northeast of Brazil, Geova started out as a painter in Sao Paolo, with his art shown in numerous galleries and museums. It wasn’t until he received a gift of an old sewing machine from a friend that he started working with clothing.

Geova arrived in New York City in 1992 and launched his first fashion collection in 1998, trading the world of fine art for that of fashion design. His studio, Geova Atelier, located in the heart of the East Village at 208 Avenue B, New York City, has been open to the public since 2001.

Geova’s designs have been featured in New York’s Fashion Week and recognized by press worldwide, including Italian Vogue, Elle, Harper’s Bazaar, Trace, Surface, Jane, Nylon, The Face, Time Out, Zink, Brazilian Elle and Metrochannel’s Full Frontal Fashion.

The masterminds behind the iBag2′s functionality from Colmac Robotics

Colmac Robotics Ltd. is an award-winning Irish Ed-tech business in the field of robotics education. The company was founded in 2013 by Colmán Munnelly and Niall McCormick.

Colmac Robotics provides robotics workshops to young people to enable them to be creative, innovative and inspired, while learning important skills in the areas of science, technology, engineering, mathematics, design and computer programming.

The company’s robotic products are designed as both learning aids for teachers and educational toys. They offer a unique way to enrich technology programs in schools as well as fostering creativity and digital learning outside of the school environment.

Colmac Robotics’ newest line of business is its Research and Development team, responsible for designing and building smart technologies for both educational and corporate customers in Ireland and abroad.

  • laura_hanlon
    Laura Hanlon
    Team Lead
  • nicola_headshot
    Nicola O’Sullivan
    Hardware Developer
  • Niall Headshot
    Niall McCormick
    Co-founder & Director
  • Colman

    Colmán Munnelly
    Co-founder & Director

Quick Quiz: Are you a responsible spender?

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