NFC and mobile payments have been long-rumored for the iPhone, though Apple hasn't hinted anything about them coming to the sixth generation iPhone, dubbed iPhone 5. However, it hasn't stopped iCache from unveiling a case that doubles as a digital wallet.

The case-wallet hybrid works by users entering debit and credit card information through the included mag stripe reader, which attaches to the bottom of the cover, CNET says. Loyalty cards can be stored by taking a photo of the bar code, selected through a free iPhone app.

The card that attaches to the cover can be programmed to temporarily store any card information. Users pick an account on the free iPhone app and the card gains the information. The card contains a smart chip and mag stripe than can be changed, according to the account.

A user then takes the card out, taps it to activate the account and the user can then use the card temporarily as a regular credit or debit card. The card works for 20 seconds or until used.

There's also an e-ink display which allows for easy scanning. A normal smartphone screen would not be readable by most scanners. The app is opened by swiping a finger on a fingerprint reader.

The Geode case won an award in the mobile commerce category during the CTIA trade show, and began its journey as a Kickstarter project. Geode basically seems to work alone without requiring additional element; it can be used anywhere credit, debit or loyalty cards are used. Geode also works with existing retailers.

The model iCache was showing off was pre-production, though mass production has started. Erik Ross, chief strategy officer at iCache, said the company wanted to create something that could be used now. On phones using NFC and mobile payments, he believed wide usage of the technology was a way away.

MasterCard and Visa made keynote speeches at CTIA 2012 on mobile payments, which has been introduced in devices such as the Samsung Galaxy S3.

The case costs $199. It raised $357,000 on Kickstarter and has 1,000 units pre-ordered - 1,000 were ordered in two and a half days. iCache plans to sell the device from June 2012, in four colors: black, green, pink and violet.

(reported by Jonathan Charles, edited by Surojit Chatterjee)