New App for the New Year
This entry was posted on Monday, January 16, 2012.
According to their official website, GymPact creators explain that they have based this application on the concept of time inconsistent preferences. Time inconsistent preferences is a predicament when something which is desired for the future isn't compatible with something that is desired for the present. This means (as an example) that you future goal (of going to the gym) may be conflicted by your present desire (staying at home and eating a chocolate). The designers of GymPact realized that if people had the right incentives to enter the gym, they would do so. Happily.
The fun bit is that if people show up at the gym on time, they will get paid a small amount by the end of the week. And if they skip it, they will lose money. Real money from their bank accounts.
So GymPact works as follows:
1. Sign up with the service on their website
2. Create a pact: In this, you specify how many times you will be going to the gym (specify the dates) and working out. You also need to enter how much money you are willing to pay if you don't go to the gym any day.
3. Check in at the gym: With GymPact iPhone app, just check in at your gym. They have around 40,000 gyms listed in their database. If you don't find yours, then just enter a new one and it will be added to the list.
4. Get rewarded: If you show up at the gym on time, you win some money! You will be paid at the end of the week if you keep your 'pact'.
The way this works is that when people don't go to the gym, their money is used to split up as 'reward money' for those who did end up going for a workout. It's simple, innovative and is a surefire motivator to keep you fit and in good health.