Wallet is for men and women
Purse is only for women or men who act like women

Purse,
Is also known as handbag

So,
Never says purse instead of wallet
WALLET IS NOT A HANDBAG

In contrast,

Wallet is not a purse
And
Purse is not a wallet

Women use both wallet and purse
Men use wallet but NOT purse

In size,
Wallet is smaller than purse

In usage,
Wallet keeps cashes, cards whereas purse keeps EVERYTHING

In weight,
Purse is heavy but wallet is light

In case when:
Purse is being stolen, no big deal
Wallet is being stolen, BIG problem

In conclusion,
Never be confused between wallet and purse

Wallet and Purse
Are two DIFFERENT things