This is a pouch which has a single waterproof compartment within it. There are several other compartments which it also has for storage but they are not sealed (although the material of the pouch is water resistant and would probably protect the contents from all but a significant dunking). Where one must be careful though, the name says "wallet" and the accompanying photo suggests it can be folded in a tri-fold fashion. Although true it can be folded, it then becomes too bulky to be put into a pocket like a wallet would. If you want to keep it in a larger bag/purse or around your neck its fine but don't really plan on being able to carry it practically in your pocket.