Here is how the process works on a Lumia 950 including all the info you need to know.
The new Wallet 2.0 app is broken into two areas:
1.Credit or debit card
2.Loyalty or membership card
As a sacrifice, or rather, experiment I went to my local McDonald's who are known to use Tap to Pay. I ordered up a Double Quarter Pounder with cheese to celebrate because I have not eaten at McDonald's in about a decade. At the moment of truth, I tapped my phone to the NFC reader and sure enough…
…it worked! My payment went right through.
Immediately following the transaction, I received a push notification confirming the purchase, which was a nice touch.