Been using tri-fold for years … serves the purpose. A place to keep all my “out-and-about” stuff like credit cards, drivers license etc. I keep all cash in my pocket not in my wallet. If I carried my cash in my wallet, I think I would want a single fold version.
Seasoned travelers have probably some experience with pickpockets and have a system to counter street encounters. Store clerks don’t expect to wait when they ask for ID, but they wait. And wait, while I dig through a few layers to get to the DL.