There is new update for wallet component if you are using you can update it now it allows to save user cards for automatic charges (debit) if card is saved and supported (Stripe only). User Email notifications for failed/success charges.
https://www.opensource-socialnetwork.org/component/view/5502/wallet
Subscriptions are not linked with Wallet, they just uses wallet to charge users saved method.
If user doesn't make payment and you are using Membership tier component of course if payment failed its canceled.
Card is blocked by wallet component for 3 failed attempts and admin need to remove it from admin panel if user want to use it again.
Is the subscription canceled automatically, or after some time when the user does not make their next payment?
Due to the many requests in the past for additonal features and components we have decided to develope a premium version. Features like Hashtags, Videos, Polls, Events, Stories, Link Preview, etc included in it.
$199 (Life Time)