a.k.a. magnetized wallet, virtual wallet
Anyone who has ever overdrawn a bank account could soon be in the market for a product now being developed at MIT's Media Lab, said D.C. Denison in The Boston Globe. Called the "proverbial wallet," it literally becomes more difficult to open as its owner's bank account runs low on money. The magnetized wallet uses embedded technology to connect to the owner's bank account via Bluetooth.
The wallets are part of the Media Lab's mission to connect the virtual and physical worlds. Lab researchers are also working on a 3-D printer that can "read" a solid object and produce a 3-D copy. A demonstration version of the printer, called "Eat Your Face," turns an image of a person's face into a three-dimensional scullpture, made of solid dark chocolate! - As seen in The Week, July 2010
NetLingo Classification: Online Jargon