What are we aiming for in the Magic Wallet?

I guess I'd just like someone to clarify whats actually going on with the wallet:
Is it going to be big/small?
have 1 type/size or 2?
What is its functionality?
Who is it aimed at?
And what differentiates us from similar products?

i think the size should be smaller than your palm
2 versions, same style and size but different colours
functionality: keep notes, some coins, some cards and key/s
aimed at teenagers, especially party girls, and perhaps also kids who want to be magicians XD
And what differentiates us from similar products?<--OMG i don't really know how to answer this....
it's a thin handy wallet that makes you look cool??

it has a zip and a eyelet to put keys onto
thats wat other magic wallets dont have haha

haha i hope the idea doesn't get rejected because its not original