iCache Wants to Evolve Wallets

Are you shuffling through an array of credit cards, debit cards and loyalty cards every time you approach a cashier? A new device called iCache lets you consolidate all your cards into one, plus you get a big boost in security. The device and the company’s President, Jack Harvey, are featured on this week’s “Innovations.”

What's the innovation?
iCache is a card that contains all the information you would otherwise carry around on a bunch of cards. It will work anywhere a card works now, whether it has a bar code or a magnetic stripe, and even with contactless readers.  The card is in the prototype stage right now, and expected to hit the market in the second quarter of 2008 at a price of $100.

Courtesy Photo The icache device not only allows you to manage your credit cards, but it could ultimately extend to event tickets and airline tickets.

What about security? What if you lose it?
The iCache card is biometrically secure. It only works with your fingerprint. If it senses it's being tampered with, the data self-destructs. If you lose it, call your bank, and you'll get a replacement within 24 hours.

How do you put all your cards on it?
You connect the iCache device to your computer, rub your finger over it to register your fingerprint, and swipe your cards to transfer the information. For cards with barcodes, you enter the numbers online.

Where do you get it?
iCache is working with major financial institutions. You'll be able to buy it through your bank.

What's ahead?
The concept could extend to event tickets or airline tickets. You buy a ticket and it gets sent via the internet. When you charge the device, and sync it up to your computer, the ticket would appear on your iCache.

Where's iCache getting its working capital?
iCache is privately funded and recently opened up a new round of funding. You can learn more about the company and the product at www.icache.com.

Reaction so far?
iCache says financial institutions like it because it enhances security, merchants like it because they won't have to change a thing, and consumers like it because it's cool.

© 2008 CNBC.com