Meh. Stuff like this always looks cool but is ultimately a terrible user experience when compared to just opening your iPhone. Like someone else previously said, I don't want to go find my wallet, pull my card out, pull out my iPhone or find my AR glasses/headset/whatever, open the appropriate application, and point it at my card when I could just open apple wallet on my iPhone.
AR was prophesied to be "the thing" several years ago by around 2020—notice how it's still very much not a thing. Because it's just not a practical experience. Even with glasses or some kind of headset you wear all the time, nothing quite beats the experience, privacy, and ease-of-use of just pulling your phone out. I think AR has a lot of medical and industrial implications, but it's gonna be A WHILE before we see good, practical, helpful examples of a consumer-grade AR product journey.
I'm probably gonna get verbally slapped with a bunch of well-actually's, but that's fine.
A nicely designed and fun concept, nonetheless!