The word "wallet" has been in use since the first century A.D. to refer to a bag or a knapsack for carrying articles. The word may derive from Proto-Germanic. The ancient Greek word kibisis, used to describe the sack carried by the god Hermes and the sack in which the mythical hero Perseus carried the decapitated head of the monster Medusa, has been typically translated as "wallet". Usage of the term "wallet" in its modern meaning of "billfold" in American English dates to 1834.

Bi-fold wallet: a type of wallet in which the bills are folded over once. This has become the "standard" wallet. Credit cards and identification cards may be stored horizontally or vertically.

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