It's quite interesting to know that an article we have now come to embrace [as an 'essential' accessory] was once solely viewed as a poor man's article- this came at a time when the term 'wallet' was used to describe some kind of knapsack. Back then, 'wallets' were used in carrying things like food items and some other provisions. However, there was a change in the design and use of wallets during the Renaissance period- when they were used in holding coins and paper currencies. The designs of wallets have since undergone a great degree of evolution; there are now wallets with automated features as well as those that can keep one's items more secured [beyond the Velcro fastening]. An instance is the RFID (radio frequency identification)- protected wallet that can 'shield' your credit card from theft.
Types of Wallets
Bi-fold Wallets: Bi-fold wallets are the most commonly used. As one would draw out from the name, the wallet folds into two right at the center. It has a main compartment [which can be used for holding paper currencies and cheques] and some other slots for keeping credit cards.
Cell Phone Case Wallets: These wallets are basically meant keep your phone, cash and credit cash. They are majorly made from silicone, and feature a good number of pockets.
Front Pocket Wallet: This type is also known as 'money clip'. It does have compartments for keeping cards but such (compartments) are not available for holding money. Rather cash (paper currencies) are held by the clip provided in the wallet.
Wristlets: These are used for carrying cash, keys and credit cards when going on a workout. They are typically worn on the wrist- though they can also be worn around the ankle.
Other types of wallets include credit card holder, minimalist wallet and long wallet.