Master Password is different from other vault-like password solutions. It helps you set secure passwords for your sites, and at the same time makes losing your passwords almost impossible.
Built on algorithms such as scrypt and HMAC-SHA256, your master password is kept safe even if websites you use get hacked.
As to prove a point, LinkedIn, eHarmony, and Last.FM have announced breaches that compromise millions of passwords in the past month alone. These breaches have leaked "hashes" of people's passwords, which make it trivial for attackers to find out the actual passwords if they're not secure enough.
Locked from prying eyes
Your master password unlocks the application and grants access all the passwords inside.
It is the only thing you will need to remember from now on.
Creates secure passwords
The application generates secure, random and unique passwords in a format that's easy for you to copy.
Different password types
Master Password's presets allow you to comply with almost any site's restrictive password policies, while still producing as secure a password for them as they permit.
Copy with a tap
It's really easy to use the password on your iPhone: Just tap the password to copy it and paste it in a different application's password field.
Goodbye, annoying App Store password pop-up.
Saves custom passwords
You can also store custom passwords in the application. They will be safely encrypted with your master password.
Not just for online
These passwords can also be used for the things around you: Your bike lock, your home alarm system, PIN codes, ...
Syncs with iCloud
Enable iCloud support to store all your password names in your iCloud account. Great for keeping multiple Apple devices in sync or backing up your site list.
Apple will never see any of your passwords.
Data liberation
And of course, you retain full control over all your passwords: You can export them at any time, and import new site lists.
What about your Mac?
A Mac version of Master Password exists too! It gives you access to all of your passwords without needing to bring up your phone.
Just enable iCloud for a seamless experience.