Can a debit card or wallet be used to pay for iCloud storage?
I found no option to pay for iCloud storage by a debit card or a wallet. For this particular service I am not keen to go for a credit card.
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iCloud Storage uses whatever payment method you have added to your Apple ID account for iTunes and app Store purchases. These include debit cards where supported as well as payment methods added to the Wallet app. If you are using a credit card for iTunes and App stores you are then by definition using a credit card for iCloud storage. Its the same platform and same payment mechanisms. So there is no reason to not want to use a credit for it.
Wallet itself is just an app, it holds other payment methods you can use such as credit and debit cards and Apple Pay cash. But you cannot use Wallet itself to pay for things. You use items within the Wallet app as payment methods.
See here: Payment methods that you can use with your Apple ID - Apple Support
and here: Change, add, or remove Apple ID payment methods - Apple Support