X Lab, a Newport Beach, California-based tech firm, has rolled out Spendwallet, a smart wallet that electronically consolidates credit, debit and gift cards on a physical, electronic device about the size of an iPhone 5.

According to a press release, the device features a "secure and easy-to-use" interface, that allows users to tap and pay anywhere on existing mag stripe POS equipment.

Spendwallet incorporates a self-contained antenna and pulse-emitting technology called magnetic flux emulation technology. MFE generates a magnetic field that causes the card reader to respond just as if a card has been swiped. The device can store data for up to 20 cards.

To set up the e-wallet, the user connects the included card reader to the headphone jack on a smartphone and swipes payment cards through the reader to transfer the data to the Spendwallet app. The device will function for one month on a single charge.

Spendwallet features bank level encryption, passcodes, automatic lock and data self-destruction mode when lost, making it one of the world's most secure wallets, according to X Lab.

Moreover, the e-wallet and the user's smartphone are linked via Bluetooth technology, meaning that the device can be activated only when it is near the user's smartphone.

Sturdy and lightweight, the Spendwallet device is intended to completely replace an existing wallet, the release said. A backside pocket conveniently accommodates the user's driver's license … and cash. Just in case.

Having developed the device with two rounds of investor funding, X Lab is now looking to raise money for production through an Indiegogo fundraising campaign. The device is priced at $79, but the company is accepting a limited number of presale orders for $39.