Meaning :  

A wallet is defined as a financial tool used for storing money, with physical  wallets designed to hold cash and cards, while digital wallets manage electronic funds

for online or QR-based transactions.

Example :  

For instance, a leather wallet carried in your pocket is a physical wallet,  whereas apps like Paytm, Google Pay, and Phone Pe serve as digital wallets.

How to Understand :

A wallet acts as a secure repository for your money - physical wallets store tangible cash, while digital wallets facilitate access to virtual funds via smartphones.

Importance :

Wallets keep your money organized, simplifying access and management.

Digital wallets enable fast, cashless payments, streamlining the purchasing process.

They help track spending by providing a transaction history, promoting better financial  awareness.

Wallets are convenient and widely accepted for everyday transactions, enhancing the  overall shopping experience.