The rfid can work trough fabric. So a shielded wallet is a smart choice. Technically someone can make you pay by tapping your pants with a terminal device. Does this happen allot? No not really. But technically possible and more likely when more people use tap.

Here there is a maximum amount that can be paid with only contactless payment without a PIN code. If the price is higher a pin prompt will show up automatically (max $25,-) If you pay more things in a short time with the rfid than the pin prompt will eventually show up. So an unlimited amount of low payments isn’t possible. (Do check your bank for these details.) So when you lose your card your account can’t be drained. (Unless you have less than the minimum amount on your account)

Phones can also be setup as a contactless payment method, and would physically work the same. With the benefits of having a stronger signal, and being locked behind your phone lock (facial recognition or whatever.)

Buy a bar of chocolate. Eat the chocolate. Put the tinfoil in your wallet. Works the same. It's cheaper and tastier

I've seen videos that show having two touch enabled cards next to each other prevents anyone from scanning, since their signals cause interference with one another.

I came across the video when looking up those RFID blocking cards you can add to a non shielded wallet and they work the same way

I have a wallet that's supposedly shielded and it turned out to be useless. Then I got a jammer card as a marketing gimmick. It doesn't just shield, it creates interferences. The stronger the EM field the better, to some degree. It actually works flawlessly. At least with my smartphone I can't read any NFC chip near that card.

Personally I think its better to just drill a hole in thr antenna and pay by chip

Yes, but make sure you buy from a manufacturer that has their scientific test data publiahed publicly. Not all wallets shield equally. Many do nothing. I recommend buying from Proxy Store. They have a good selection of wallets.

https://shop.proxysto.re/category/1

I would say "yes". I have a rooted Android and it was very easy for me to download and install the software required to scan cards. I did this as an experiment only, I only used this on my own cards to see what information I could get off them from just passing my phone near to them. After doing that I have always used a shielded card holder.

I also never have NFC or Bluetooth running unless I'm actively using it.

If you do not need the nfc cabability of your cards, just his them in front of a bright lamp, see where the cables run and cut the card with a scissor. Apply transparent tape over the cut and you have a privacy respecting card again. It's what I always do as my bank offers no service to disable nfc.