https://techcrunch.com/2021/09/14/apples-new-magsafe-wallet-can-be-located-with-the-find-my-app-if-it-goes-missing/

Alongside the introduction of the new iPhone 13, Apple introduced a few new accessories to complement its upgraded flagship devices. One of the more interesting additions in the accessories in the lineup is a new MagSafe wallet that works with Apple “Find My” service. That means if you accidentally lose your wallet when it becomes unattached from your iPhone, you can launch the Find My app to locate it as you can with other Apple devices or items attached to your Apple AirTags.

In this case, the MagSafe leather wallet will show users the last known location where the wallet was separated from the phone.