diff --git a/payments/__init__.py b/payments/__init__.py
index 3ca8e04d9..443705a6b 100644
--- a/payments/__init__.py
+++ b/payments/__init__.py
@@ -61,6 +61,18 @@ class FraudStatus:
     ]
 
 
+class WalletStatus:
+    PENDING = "pending"
+    ACTIVE = "active"
+    ERASED = "erased"
+
+    CHOICES = [
+        (PENDING, pgettext_lazy("wallet status", "Pending")),
+        (ACTIVE, pgettext_lazy("wallet status", "Active")),
+        (ERASED, pgettext_lazy("wallet status", "Erased")),
+    ]
+
+
 class RedirectNeeded(Exception):
     pass
 
diff --git a/payments/core.py b/payments/core.py
index 8b8ff0c97..5643141e9 100644
--- a/payments/core.py
+++ b/payments/core.py
@@ -143,25 +143,21 @@ def get_return_url(
             return url + "?" + qs
         return url
 
-    def autocomplete_with_subscription(self, payment):
+    def autocomplete_with_wallet(self, payment):
         """
-        Complete the payment with subscription
+        Complete the payment with wallet
 
         If the provider uses workflow such that the payments are initiated from
         implementer's side.
         The users of django-payments will create a payment and call
-        Payment.autocomplete_with_subscription() right before the subscription end.
+        Payment.autocomplete_with_wallet().
 
         Throws RedirectNeeded if there is problem with the payment
         that needs to be solved by user.
         """
         raise NotImplementedError
 
-    def cancel_subscription(self, subscription):
-        """
-        Cancel subscription
-        Used by providers, that use provider initiated cancellation workflow
-        """
+    def erase_wallet(self, wallet):
         raise NotImplementedError
 
     def capture(self, payment, amount=None):
diff --git a/payments/models.py b/payments/models.py
index e26da1fbb..9ef439153 100644
--- a/payments/models.py
+++ b/payments/models.py
@@ -1,6 +1,5 @@
 from __future__ import annotations
 
-import enum
 import json
 from typing import Iterable
 from uuid import uuid4
@@ -13,6 +12,7 @@
 from . import FraudStatus
 from . import PaymentStatus
 from . import PurchasedItem
+from . import WalletStatus
 from .core import provider_factory
 
 
@@ -40,58 +40,29 @@ def __setattr__(self, key, value):
         return None
 
 
-class BaseSubscription(models.Model):
+class BaseWallet(models.Model):
     token = models.CharField(
-        _("subscription token/id"),
-        help_text=_("Token/id used to identify subscription by provider"),
+        _("wallet token/id"),
+        help_text=_("Token/id used to identify wallet by provider"),
         max_length=255,
         default=None,
         null=True,
         blank=True,
     )
-    payment_provider = models.CharField(
-        _("payment provider"),
-        help_text=_("Provider variant, that will be used for payment renewal"),
-        max_length=255,
-        default=None,
-        null=True,
-        blank=True,
+    status = models.CharField(
+        max_length=10, choices=WalletStatus.CHOICES, default=WalletStatus.PENDING
     )
-    subscribtion_data = models.JSONField(
-        _("subscription data"),
-        help_text=_("Provider-specific data associated with subscription"),
+    extra_data = models.JSONField(
+        _("extra data"),
+        help_text=_("Provider-specific data associated with wallet"),
         default=dict,
     )
 
-    class TimeUnit(enum.Enum):
-        year = "year"
-        month = "month"
-        day = "day"
-
-    def set_recurrence(self, token: str, **kwargs):
-        """
-        Sets token and other values associated with subscription recurrence
-        Kwargs can contain provider-specific values
-        """
-        self.token = token
-        self.subscribtion_data = kwargs
-
-    def get_period(self) -> int:
-        raise NotImplementedError
-
-    def get_unit(self) -> TimeUnit:
-        raise NotImplementedError
-
-    def cancel(self):
+    def payment_completed(self, payment):
         """
-        Cancel the subscription by provider
-        Used by providers, that use provider initiated subscription workflow
-        Implementer is responsible for cancelling the subscription model
-
-        Raises PaymentError if the cancellation didn't pass through
+        Concrete implementation specific logic called whenever a payment is completed
+        using this wallet.
         """
-        provider = provider_factory(self.variant)
-        provider.cancel_subscription(self)
 
     class Meta:
         abstract = True
@@ -251,30 +222,18 @@ def get_payment_url(self) -> str:
         """
         raise NotImplementedError
 
-    def get_subscription(self) -> BaseSubscription | None:
-        """
-        Returns subscription object associated with this payment
-        or None if the payment is not recurring
-        """
-        return None
-
-    def is_recurring(self) -> bool:
-        return self.get_subscription() is not None
-
-    def autocomplete_with_subscription(self):
+    def autocomplete_with_wallet(self):
         """
-        Complete the payment with subscription
+        Complete the payment with wallet
 
         If the provider uses workflow such that the payments are initiated from
         implementer's side.
-        Call this function right before the subscription end to
-        make a new subscription payment.
 
         Throws RedirectNeeded if there is problem with the payment
         that needs to be solved by user
         """
         provider = provider_factory(self.variant)
-        provider.autocomplete_with_subscription(self)
+        provider.autocomplete_with_wallet(self)
 
     def capture(self, amount=None):
         """Capture a pre-authorized payment.