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Smart wallets watch your money

MIT Media Lab's Information Ecology group developed three prototype high-tech wallets that automatically connect to your bank account and make it easier or more difficult to spend money based upon your balance.

MIT Media Lab's Information Ecology group developed three prototype high-tech wallets that automatically connect to your bank account and make it easier or more difficult to spend money based upon your balance. MIT team member John Kestner explains what each of the "proverbial wallets" does and how they work.