I had to manually go to the google wallet page on the play store and click install before it actually updated on my phone.
I already had it installed on my phone but it wasn't detecting an update in the play store until I force re-installed it
My friend with a Verizon Galaxy Nexus who had previously sideloaded the Wallet.apk says that his Wallet application updated from the Play Store today with the new features.
There seems to be a loophole where if you have already sideloaded a version originally downloaded form the Play Store (i.e. if you extracted the apk from a rooted HSPA+ Nexus device), then you can get updates.
If you've not installed it, then the store won't let you have it.