iWallet Returns: Steve Cabouli Revives Biometric Wallet set for 2025 Release
iWallet Founder Revives Pioneering Biometric Wallet After Decade-Long Hiatus.
Steve Cabouli, founder of iWallet, is relaunching his ahead-of-its-time biometric wallet a decade after it first made headlines. Cabouli, an entrepreneur who conceived the idea after having his own wallet stolen, founded iWallet Corp in 2009. The original iWallet debuted in 2009/2010 as a high-tech hard case wallet that could only be opened with its owner’s fingerprint and featured wireless tethering to the user’s phone. This was years before mainstream mobile devices adopted similar biometric security.
My Introduction to the iWallet
Back in 2019, I wrote a retrospective on what I believed to be one of the earliest smart walletsv - the Dunhill Biometric Wallet. Even then, it was already a relic, discontinued and mostly forgotten. But that might be about to change. The original minds behind the biometric wallet, first launched under the name iWallet, are making a return, aiming to revive and reimagine their once-groundbreaking creation.
When Dunhill released the Biometric Wallet, I initially assumed it was their innovation from start to finish. But that wasn’t the case. The concept, development, and original launch actually go back further than I realised, to Steve Cabouli - the true founder and creator of the Biometric Wallet. In its earliest form, it was called the iWallet and even enjoyed a brief viral moment, making appearances on various media platforms including BBC World’s Click, San Diego’s 10News, and even a Japanese gameshow.
The Origins of the Original iWallet
Cabouli’s first-generation of smart wallet gained international press coverage for its security features. The device combined a biometric fingerprint scanner with a Bluetooth alarm: if the wallet and the owner’s phone were separated by more than about 5–10 meters, an alarm would sound. The wallet’s carbon fiber and Kevlar construction made it tamper-resistant, and it included RFID shielding to prevent electronic theft of card data. Priced at $299–$600 (depending on materials), the wallet was marketed as a “pocket vault” for cash and cards.
Notably, luxury brand Alfred Dunhill partnered to offer an even pricier edition – the Dunhill Biometric Wallet – for $825, which was essentially the same iWallet in a deluxe finish. This high-end collaboration in 2010–2011 placed the wallet in boutique stores and underscored its fashion-meets-tech appeal.
In 2014, as digital wallets and smartphone payment apps began to emerge, iWallet Corp pivoted to stay relevant. The company went public via a reverse merger and announced plans for a next-generation wallet with enhanced features.
Cabouli’s team cited $700,000 in early sales from the first 18 months post-launch as proof of concept, and they prepared an updated model (targeted at $490) incorporating GPS tracking and other improvements in addition to the existing fingerprint lock, Bluetooth tethering, and RFID protection. However, despite the initial buzz and a strong patent portfolio, the wallet remained a niche gadget and gradually faded from the spotlight as consumers shifted focus to smartphone-based security and payment solutions.
Biometic Wallet by Dunhill. The original online product page.
iWallet Hiatus and a High-Tech Comeback in 2025
After several quiet years, Steve Cabouli is mounting a comeback for his groundbreaking wallet. iWallet Corp spent the past decade refining its technology and is now unveiling the fruits of that work: an “iWallet 2.0” alongside a new “iPassport” travel wallet. The company recently launched an official website (iwal.tech) to showcase these next-generation products and detail its renewed strategy (Nasdaq).
The new iWallet 2.0 features an aerospace-grade titanium chassis, biometric fingerprint authentication, Bluetooth tracking, and RFID shielding for up to eight cards – a far cry from a traditional leather billfold. The iPassport is a passport holder with similar biometric and wireless security features tailored for travelers (Stock Titan).
Mock-Ups of what the new iwallet may look like.
Cabouli has assembled an engineering team that includes former Apple and Motorola talent to ensure the revamped products blend security with sleek design. “The launch of our official website is an important step in establishing a visible presence for our brand,” Cabouli noted, emphasizing that the platform will help share progress on product development and business plans. According to the company, inventory for the new wallet is expected by mid-2025, and a global sales network is being reactivated to bring the device to market.
My Thoughts on the iWallet’s Future
I admire Steve Cabouli’s innovation and his bold decision to bring the wallet back after all these years. But I can’t help but question where a modern version of this wallet fits in today’s market. In the 15 years since the iWallet first made headlines, technology has moved on significantly. Bluetooth tracking has become standard, with products like Chipolo and Apple’s AirTag dominating that space - making the iWallet’s original tracking feature far less compelling.
As for the biometric fingerprint scanner, it’s undeniably a fun and impressive feature, but its practical appeal feels limited. It risks being seen more as a gimmick than a necessity in a world where digital wallets and biometric security are already integrated into our phones.
The original iWallet was revolutionary. Can they do it again?
For now, I’m reserving judgement and wishing Cabouli, the iWallet, and his team the very best. For the iWallet to succeed in today’s saturated market, it needs to go beyond what it offered back in 2009/10. It has to bring something truly unexpected, features that once again catch the market off guard, just as it did the first time around. It won’t be easy, but Cabouli has already pulled it off once, and there’s every chance he can do it again.
The iWallet’s roadmap to launch is available on their official website, with a projected release set for Q3 2025 - so it’s not far off. I’ll be keeping a close eye on what the team is building, and I’m genuinely curious to see how it all unfolds.