A bifold is a small folding case or wallet used for carrying personal items such as credit cards, cash and identification cards. A bifold is composed of two panels which usually feature an inner face with compartments and a plain outer face. When the folds are away from each other, the bifold can be opened on the upper edge to allow the placement of paper money or small documents.
Wallets are a flat piece of material, often leather or leather-like materials, that is used to hold currency. Wallets often have compartments for paper money, credit cards, identification and coin money.