means A small flat folding case, typically of leather, for carrying money, cards, and identification on your person.

from From Middle English 'walet,' meaning a pilgrim's or traveler's bag — a pouch slung over the shoulder for provisions on a long road. The origin beyond that is uncertain, possibly tied to Germanic words for a roll or bundle. Only later, around the 19th century in American use, did it shrink from a traveler's sack to the pocket-sized billfold we know, the journey ending in a hip pocket rather than on the open road.