You can also use the bank app to remove the authorization for the wallet and set up Google Wallet from scratch. Contact your bank to generate new tokens for Google Wallet. This is a tokenization issue, where the bank has linked your card and wallet on the older device. However, some users find that making a payment doesn’t work. Card authorization failure when paying: Google Wallet transfers your stored card information when you sign in with your account on a new device. Go to Settings > Apps > Google Services Framework (you might have to enable Show System apps) > Storage and cache and clear the cache. A Reddit user found that clearing the cache for the Google Services Framework app fixed the problem.
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