Wallet is usually made of leather. It is a tiny, flat and pocket sized folding case used to carry credit cards, debit cards, photographs, driver's license, paper money, and the like. The most important quality of the wallet is that it contains a number of compartments of different sizes and sometimes with a zipper closure or snap. On the other hand, a billfold is a type of wallet that folds over. Billfold is also made of leather and you can find a clip in the middle to take care of the bills. Both billfold and wallet have the same use as they serve to carry all your important documents. That means both these terms offer the same function. The only difference between these two is that the term billfold which is the short form of bill folder is used by the people long after the term wallet was introduced. So you actually clip the bill then fold it in half. Even though the fact that these two address the same needs, they are used as the synonyms for each other. And that is why it is called a billfold. It is so simple in design.
You can prefer wallet or bill fold according to your needs. If you have a number of cards or other important documents to be carried every day, you should buy a wallet that can accommodate all of them. Billfold helps you to hold or carry all your essential documents in it without damage or wrinkling them. Many among us are in the habit of carrying so many important receipts, cards, bank papers, bills, etc. This habit leads the wallet or billfold manufacturers to change its shape and functionality. As a result the modern wallet can accommodate all your valuable personal documents without messing together. In the olden days, wallets were seen as small bags made of leather or cloth that can be used to hold all the stuffs in them securely when going for a trip. Now the design has changed but the purposes for both of them remain the same. Thus you cannot find out any major differences to distinguish between them. These days, electronic wallets are offered in the market that can detect its right owner and no others can use it. Such wallets prevent pick pocketing.