This is a bag with a waterproof inner compartment. There are a few other compartments that are also available for storage but aren't sealed (although the material of the pouch is waterproof and will likely protect the contents from anything but heavy immersion). Where you need to be careful is the name says "wallet" and the attached photo suggests it can be folded in three. Although it can be folded, it becomes too bulky to put in your pocket like a wallet. If you want to carry it in a large bag/purse or around your neck that's fine, but don't really plan on carrying it in your pocket conveniently.
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