This wristband zaps you with an electric shock if you overspend

Along with VR and driverless cars, the Internet of Things is set to play a big role in how technology develops over the coming years.

But it’s not all about controlling your thermostat and switching your lights on and off through your phone.

A new IoT banking platform has been launched by Surrey-based Intelligent Environments, and it includes a wristband that will administer an electric shock when users spend beyond a set limit.

The Pavlock wristband raised £193,000 on Indiegogo in 2014, and works with the IoT banking platform to warn you when you get close to a predetermined limit with a quick vibration.

Once you go over that limit, the device will give you a 255 volt shock, so now you can add insult to injury by going into your overdraft and feeling physical pain at the same time.

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You can set your own limits using the IoT app, and decide how the program should respond to changes in your bank account.

The IoT app also works with smart devices such as the Nest Thermostat. If you’re spending too much money, the app will automatically turn your thermostat down to help you save on energy bills.

Intelligent Environments says turning down the temperature by three degrees could save the average household around £255 a year.

All pretty clever stuff, but the guys behind the project are yet to get any banks onboard. Intelligent Environments are in talks with several banks however.

No specific release date has been given as yet, and it will likely depend on how many banks agree to offer the service to their customers.

Would you like to be shocked into financial responsibility? Let us know in the comments.