Wallet phones are mobile phones equiped to include bank cards, credit cards, house keys, company access control IDs, electronic cash, train tickets and many more functions. Wallet phones in principle can take over all functions which our wallet has. Wallet phones enable mobile operators to enter new industries, especially the payment and credit card industries. For this reason wallet phones represent innovation and disruption for established industries, such as credit cards. This report describes the technology and the eco-systems of wallet phones, and describes several application case studies richly illustred with photographs and descriptions of how wallet phones present value to consumers, and how wallet phones impact established industries.