You can use a wallet to store some specific items which include cash, cards, and receipts etc. A purse on the other hand is much more spacious and can be used to store a range of different paraphernalia.

See I think that Simon's answer and Mara's response actually highlight the difference (confusion) between Am English and Br English. In America "purse" is synonym for, or type of, handbag. In Britain it's not. "Purse" is the equivalent of a "wallet" in Br English in the sense that it's used to carry similar things, but a "wallet" is placed in a pocket and a "purse " is usually carried inside a handbag, because it's too big for a pocket. Since traditionally only women carried a handbag, a "purse" is typically owned by women not men. Like Mara, I too use a bag in the summer to carry my wallet because I live in Italy and don't need to wear a coat... however I would never call by bag a "purse". Nor would I use the word"handbag". In Br English we call it a "manbag". It's still very rare to see a man carrying a handbag/manbag in the UK. Maybe this will change, as fashion does change, but at the moment a "purse" and a "handbag" are still predominately seen as for females, and therefore "wallets" are for men.

Simon’s answer applies to American English as well. I have a wallet, which is small and holds a few cards and cash. It’s slender enough that I put it in my coat pocket and I usually don’t carry a purse in the winter. But in the summer when it’s too warm to wear a coat, I do carry a bag/purse and I put my wallet inside of it along with other items like tissues, hand sanitizer, a pen, and so on.

Hi Lucy. It’s not so much a case of gender differences but more about the shape, size, design etc, and what can be put in them. A wallet is usually flat and is used for cards and notes. It easily fits inside a pocket. A purse (and you are right that traditionally more women own one than guys) is a different shape, you can fit more in it including coins etc. This is from the British English perspective btw