With ‘iWallet’ taken, what will Apple name its digital wallet service?

Apple’s big device unveiling is just around the corner — next Tuesday — and among the expected announcements regarding the next iPhone is the long-awaited digital wallet, commonly nicknamed “iWallet.”

But things wouldn’t really be interesting if there wasn’t a twist. It turns out that there is actually a company legally named iWallet, and it sells a “Biometric Locking Wallet that protects your cash, credit cards, and personal information with cutting edge technology” that pairs with your iPhone and alerts you when the two are separated, according to its website. It’s also an “official accessory developer” for Apple, and can display Apple’s logo on its products. So with the name “iWallet” taken and legally protected (the company has trademarked the name), it’ll be interesting to see what Apple chooses to name its digital wallet.

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As for “iWallet” the company, it was started by Steve Cabouli in 2009 and recently merged with Queensridge Mining Resources, a Nevada-based mineral exploration company, although the company is now focused on iWallet’s original business.

Although iWallet has already been selling its special wallets, which it says generated $700,000 in revenue within the first 18 months, it plans to relaunch its flagship product, according to a new legal filing by the company. The new wallet is expected to retail for $490 (more than an iPhone with a carrier contract) and have a carbon fiber case, Bluetooth-enabled pairing with a phone, locking mechanism with a fingerprint biometric reader, RFID blocking capability, a speaker for audible feedback, and GPS tracking.

(The iPhone 5S sports a fingerprint reader, located on the home button, much like iWallet’s own unlocking mechanism.)

The document also states that iWallet has some other products in the pipeline, namely a cheaper version of its wallet, a passport case, a “women’s iWallet version,” a portable safe for pharmaceuticals, and a biometric reader-enabled padlock.

It’s also interesting that while Apple is strongly rumored to be entering the digital payments and wallet space, the iWallet company manufactures a product whose entire purpose is to protect paper money and plastic credit cards with the help of an iPhone.