The feature will launch in Brazil first, allowing Android users to pay through their debit or credit card by scanning a QR code displayed on the payment terminal. Since most smartphones in Brazil do not ship with NFC, adding QR code support for payments will help Wallet expand its reach.
The GPay app available in India already allows users to pay by scanning a QR code. So, Google is essentially bringing a GPay functionality to Wallet, which should hopefully expand to other countries sooner than later.
I did notice in South Africa some banks also offer QR code payments via their own banking app. But it is good news as it does help reach those who cannot afford to pay for high-end phones, and then they miss out on contactless, and cashless, payments.
See https://www.androidpolice.com/google-wallet-soon-let-phones-without-nfc-make-in-store-payments/