The iWallet is a hard case wallet, tamper resistant, made of plastic composites which you can only open if it recognizes your fingerprint (it has an incorporated biometric reader). Imagine it as a portable safe.
It is linked via Bluetooth to your iPhone so if both the iWallet and the iPhone are more than 10-15 ft away from each other, a loud alarm will go off. This is to alert you in case you forget either device let say at a restaurant or if they pick pocket one of them.
Funny thing though, is that they offer support for the iPhone via Cydia. Their instructions for the ‘Cellular Alarm Instructions iPhone’ , tell you how to jailbreak your iPhone via JailbreakMe and install the software from the BigBoss repo.
The iWallet is definitely not for everybody. The fiber carbon model is priced at $599.95 , fiber glass models are priced at $399.00 and the polycarbonate models at $299.00.
And if Apple will implement NFC ( near field communication ) into the next gen iPhone, wallets will become obsolete. Well, not right away, but probably in the near future….