Interesting. The wallet idea has been around for quite a while. Personally I never carry debit/credit cards and only keep copies of my passport around. Rest of it is locked up. There was a similar idea on the watch. Switch your good timepiece to cheap gshock.
Good advice I got when in Africa was to keep my watch on the arm that is inside the car and never on one that hangs outside the window. No point in getting you wrist choped off. I did quite enough driving around Kenya and Tanzania to know that it's a fact.