Designers at Seattle-based Artifact created a new wearable tech concept: a wristband that combines features of several financial apps. Token distills information from financial institutions and transactions to a simple format. Users can view and input new transactions with a tap: “pay” enables purchasing from vendors, “give” transfers funds to another user, “ask” requests money from another user, and “peek” pulls up banking statements.
Token brings account balances, credit card statements, purchases, and exchanges between friends and family in one place, solving an important problem in the ecosystem of financial services apps. Even after all the innovations of PayPal, LevelUp, Venmo, and others, users must log into separate apps to view their financial statements and make transactions. That limits how useful they are in giving users a quick overview of their financial situation.
Token also offers an extra security layer compared to physical wallets and mobile apps. It is attached to a wrist and activated with a fingerprint reader, therefore less likely to get lost or fraudulently used.
As mentioned in our Intelligence Report: Wearables, wearable tech devices must convey a message users want to send. Token’s sleek design and promise of turning users into financially organized budgeters does exactly that. So far Token exists in a lab, but it has what it takes to become one of the first success stories of wearable tech.
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