High-tech iPhone case can serve as digital wallet

A new offering from a tech company may help some iPhone users use their device as a mobile wallet, even though iPhones don't yet come with the necessary near-field communications technology built-in.

The new Geode iPhone case from startup iCache is designed to replace consumers' wallets by letting users connect their credit cards and loyalty rewards programs with a high-tech case for the device, according to a report from Tech Crunch. With the Geode, and an associated app, consumers enter their various account information and the case instantly becomes a sort of digital wallet.

Consumers can select which store loyalty account to tap when making a purchase, and an associated bar code appears on the back of the case, the report said. Meanwhile, a built-in, rewritable magnetic strip card, which is blank by default, can be programmed to store payment data for several accounts.

This type of technology is one great way for consumers to protect their finances, but they shouldn't stop there. Consumers should also check their credit reports regularly to make sure no unfair or erroneous entries are negatively affecting their scores.