According to a survey, an average American carries at least 8 cards in his/her wallet at any given time. Mine has at least 15 – I am never sure of which ones I might need when away from home, and end up stuffing all of them into my already overworked wallet. Well, a company called iCache has come up with a simple and elegant solution to this problem.

Unveiled at CES 2007, this concept device, called the iCache, is a mini storage for all your credit/cash cards. If you like the looks of the iPod (who doesn’t?), you will like the iCache as well since the device has an uncanny resemblance to the iPod. And it promises to replace all the cards in your wallet that have a barcode or magnetic stripe.

The package consists of the iCache and a “universal card.” And here’s what you do – once you buy the device, register all your cards to your online account. Then, insert the universal card into the device to complete the setup. Each time you want to use a particular card, say at a mall, choose the required card on the iCache’s screen and the iCache’s universal card is temporarily loaded with the data from the card you have chosen. In other words, the universal card becomes the card you are planning to use. You can then use the card for your shopping, and the data loaded on it disappears after 10 minutes.

The security aspects have been taken care of as well – the data is encrypted and the device itself can be activated only when you scan your fingerprint on the iCache’s biometric strip. The company is currently trying to get banks and credit card companies interested in the idea. No information yet on pricing or when the actual device will be out in the market.