iWallet Corporation (iWallet) focuses on designing and developing biometric locking wallets and related physical, personal security products, and providing consulting services in connection with protective wallets and other personal security products.
The company designs and develops innovative, physical, personal security products that incorporate security and communication technologies to protect against identity, personal and financial information theft. iWallet is a registered trademark in...
iWallet Corporation (iWallet) focuses on designing and developing biometric locking wallets and related physical, personal security products, and providing consulting services in connection with protective wallets and other personal security products.
The company designs and develops innovative, physical, personal security products that incorporate security and communication technologies to protect against identity, personal and financial information theft. iWallet is a registered trademark in the United States. The company’s prior designs include a biometric locking luxury storage case, made from carbon fiber or aluminum, that protects cash, credit cards and personal information with a proprietary fingerprint security system from being read by many types of RF devices in public spaces, and a soft leather wallet that incorporates a GPS module allowing the customer to locate the wallet if misplaced.
Established sales channels include Neiman Marcus in North America, Harrods in England, Highline Peak Group in Canada, and NeedItWantItGadgets in New Zealand. The company’s prospective sales channels include Dufry, Touch of Modern, Skymall, Travelsmith, Hammacher Schlemmer, and co-branding for Montblanc, Porsche Design, Ducati, Gucci, and Bugatti. The company owns the trademark iWallet for secure luxury storage cases connected to smartphones in the USA and has patents worldwide. The company provides consulting services to other companies in the industry.
The company is improving its designs and seeking manufacturers to launch its products back into the market. The company is redesigning the original iWallet with current technology as follows:
This new technology is being designed to be implemented with various portable containers like wallets, passport holders and hand bags. The company is in the initial stages of product redesign, and it is conducting tests with electronic components from different suppliers to see which ones work more efficiently. Once the company knows which ones work to its satisfaction, it plans to make 3D prototypes to show to its consulting customers that already have relationships with for their feedback and approval.
The company is working with engineers regularly to reach the four technology feature milestones. The company is also meeting regularly with potential clients that show interest in this new technology and might be willing to either purchase product or designs, including gauging interest in potential white (private) labeling for large name brands like Dunhill which it has relationships with.
The company has accumulated a database of customers through tradeshows like The Consumer Electronics Show-CES, where iWallet won an innovation award that created a substantial interest in its products throughout many industries like automotive (General Motors, Mercedes Benz, Porsche each approached it previously), which could potentially sell iWallet products in their gift shops situated at their dealerships; duty-free shops situated at national borders, as well as in-flight catalogs, stores in cruise ships, etc. The company also plans for its future products to be distributed through luggage retailers and manufacturers like it has in the past with Heys Luggage.
Products and Technology
The company is redesigning its original product, which will be marketed as the iWallet 2.0, to have various features, such as sleek, compact industrial design with carbon fiber case; pairs with the owner’s cellular phone via bluetooth technology; patented, exclusive tamper resistant locking mechanism utilizes innovative fingerprint biometric reader for unlocking; unique latch control that only consumes power during latching hence providing extended battery life; RFID blocking capability for enhanced wireless protection; speaker providing audible feedback; and GPS tracking capabilities.
The company also intends to bring various additional products to market, including leather wallets with a GPS module built-in; sorage devices with co-branding luxury partners; a secure passport case called the iPassport; a secure mobile personal safe to store pharmaceuticals in; and a smart padlock with a biometric reader for gym lockers and other personal areas that require security.
The company holds over twenty patents and patent applications filed in various countries around the world. The company’s products are manufactured under contract by a manufacturer based in Zhuhai, China, Apollo Electronics. The suppliers for the company’s raw materials have been Future Electronics, Namiki Motors, Cotech Taiwan, Digital Persona, Avnet Electronics, Avnet Taiwan, and Apollo Electronics.
The company holds both utility and design patents and patent applications. The company’s utility patents will remain in effect until September 14, 2027, in the United States. The duration of the company’s design patents varies by country.
Services Offered
The company is providing project management services to companies interested in the research, development (such as feasibility study, source codes, gerber files, apps, etc.), manufacturing (molds, PCB boards, etc.), materials (such as carbon fiber, fiber glass, aluminum, leather, polycarbonate, etc.), complex supply chain logistics, complex product cycle, and marketing (sales channels established throughout years of iWallet’s worldwide business relationships with high end brands, luxury department stores and duty free shops at worldwide airports, border crossings and cruise ships) of what it calls smart containers, which are high-tech personal portable containers (such as wallets, purses, handbags and passport holders) that utilize the latest technologies in terms of GPS recovery for lost or stolen containers that can be tracked via an app on the owner’s smartphone or tablet; facial recognition and other biometrics, such as fingerprint readers, voice recognition or remote opening through an app, in order to access its contents; various encrypted credit card numbers downloaded to the container that can be displayed on a LED/LCD screen to choose form of payment (Visa/MasterCard/American Express/Discover) at a touch of a button and pay the retailer with its NFC capability (the advantage of its system is that it is off-the-grid meaning that there is no third party carrier-such as the cellular phone carrier-that can be hacked into to steal personal information).
The company considers itself to be at the forefront of the industry with the expertise, knowledge, resources and commitment to perform beyond its clients’ expectations with expertise in the field of portable containers that it dubs Techcessories, and its commitment is to get their products out in the market as soon as possible to manage efficiently their product’s life cycles and replace their aging products with updated technology. The company also plans to offer all of the aforementioned processes to companies on a partnership basis, whereby it would reduce the prices it charges to its customers (which reduction would reflect a portion of its cost of development, manufacturing, inventory and marketing) in exchange for being paid commissions by the customers in the future from new product sales or potentially receiving partial ownership in their new product offerings in the future, in order to provide a more affordable option to the client.
Market and Competition
The company’s primary target demographic is consumers who are in the market for high-end luxury storage cases and similar accessories.
Ekster: The company’s niche competitors (and product offerings): include Parliament Wallet - integrated RFID blocking technology.
Nomad: The company’s niche competitors (and product offerings): include Slim Wallet - provides GPS tracking in an inconspicuous fashion so thieves are not aware of the tracking capability.
Zitahli: The company’s niche competitors (and product offerings): include Mens Wallet with RFID Front for Men - includes RFID security technology.
Sales, Distribution and Growth Strategy
The company’s sales strategy is focused on developing and introducing a new flexible wallet made out of leather instead of carbon fiber in order to be more competitive from a pricing standpoint with traditional leather containers and wallets.
The company plans to private label its product designs for well-established global brands that has a business relationship with through its first and second generation wallets.
As funds permit, the company plans to attend domestic consumer electronics trade shows, personal accessories trade shows, vacation trade shows, and luggage related trade shows to promote its line of unique products that it calls techcessories. The company has been working with Global Marketing Strategies in order to explore creative strategies, advertising concepts, consumer opinions, existing distribution and sales channels to determine the best path for sales and distribution of the company’s product and services offerings.
The company’s established distribution channels for the original iWallet products include the following, which will be available for its future product offerings:
Neiman Marcus in North America;
Harrods in England; and
NeedItWantItGadgets in New Zealand.
History
iWallet Corporation was founded in 2009. The company was incorporated in the state of California in 2009.
The Analyst Price Target shows the analysts’ low, high, and average target at a glance.
