Meaning :  

A wallet is a tool used to store money. A physical wallet holds cash and cards,  while a digital wallet stores money electronically for online or QR-based payments

Example :  

or instance, a leather wallet you carry in your pocket is a physical wallet. Apps  like Paytm, Google Pay, and Phone Pe act as digital wallets.

How to Understand :

Think of a wallet as a safe place to keep your money -physical wallets hold cash, while  digital wallets hold virtual money you can use with your phone.

Importance :

Wallets help keep your money organized, making it easier to find what you need.

Digital wallets allow for fast and cashless payments, making shopping easier.

They help you track your spending by showing your transaction history.

Wallets are convenient and widely accepted for everyday payments, so you can use  them almost anywhere.