Why does my “Wallet and Apple Pay” account balance say one amount and “Payment & Shipping” account says another?

Because they are two different accounts. What you see in Payment & Shipping is associated with your Apple Account (formerly known as Apple ID). Wallet & Apple Pay is associated with your Apple Wallet app and Apple Pay.

Apple Pay (Tap-To-Pay) is used when you complete a transaction at a merchant’s location. Apple Account is used for purchases of products and services from Apple, not other merchants.

Apple Cash is generally associated with Apple Pay, it’s probably the account with $9.08. Apple Account is a source of funds for exclusive use with Apple Account.

It’s confusing, I know. But Apple Account is what Apple changed Apple ID to and it’s also the name of a source of funds.

Your Apple Cash account probably needs to be linked to Apple Account. Can you confirm that please?

I don’t. I’m guessing. But obviously $0.08 is not enough to buy something. You said an in-app purchase. In app purchases go through Apple Account, therefore you Apple Account has $0.08. The means the other amount is somewhere in your Wallet app, most likely Apple Cash.

That’s interesting and thank you for sharing your screenshots. I have my suspicions but don’t want to speculate as before. You’ll need to contact Apple Support to resolve this discrepancy. It would be great if you could share the answer when it’s resolved. I’m sure this will confront other users in the future.

If you’re in the US please call  1-800-MY-APPLE or outside the US, consult the support articles below.

Official Apple Support

Thank you for the additional information and screenshots. What does the actual Wallet (not Settings app) show? Are both cards present?