New smartphone app can track your lost wallet!

NEW YORK: A new smartphone app that tracks the location of your lost wallet using a chip has been developed in the US.

The SmartWallit chip is a revolutionary device that prevents people from leaving their wallet behind or losing it, its makers claim.

The device connects with your smartphone through bluetooth and works with an app which records the time and place the wallet was lost.

In case the wallet goes out of range of the app, a warning message will flash on your smartphone screen, displaying the last location where the wallet was used.

"When you use your wallet, SmartWallit Pro App will record this action using its proximity and light sensor to push a signal to your phone," its makers said on kickstarter.

"With that information, your phone will be able to record when and where you last used your wallet," they said.

The app, developed by New York based SmartWallit Inc, can also help you build an accurate and complete record of the frequency and amount you spend.

When reviewing your monthly spendings, the app will then be able to show you what you have bought over the last week/month/year.

The automatic loss detecting functions can be disabled in case an owner is in a quiet location or simply travelling without their wallet altogether.