New iPhone

Start by checking that you have your Contacts, Calendars, Notes, Passwords, Photos, etc. activated in iCloud.

Check this here:

Settings > Apple ID > iCloud.

Activate the features you want to sync in iCloud.

Make sure you're connected to Wi-Fi to make sure everything syncs.

It is also a good idea to connect your iPhone to the charger.

After that, you can take an iCloud Backup, which you can load during the setup of your new iPhone. With an iCloud Back, all your apps are downloaded and placed as on your current phone. However, please note that some apps require you to sign in again.

Make an iCloud Backup

How to back up your iPhone, iPad, and iPod touch - Apple Support

Restore from an iCloud Backup

Restore your iPhone, iPad, or iPod touch from a backup - Apple Support

If your Wallet is activated in iCloud, your Apple Pay card should transfer to your new device. Otherwise, you may need to add it again afterwards.

How to set up Apple Pay:

Set up Apple Pay - Apple Support

Yes, but before you pass on your iPhone, you must sign out of Find My and your Apple ID, and finally you must do a Factory Reset of your old iPhone. But not until everything is on your new iPhone!

First, sign out of Find My, go to:

Settings > Apple ID > Find > Find My iPhone.

Disable Find My iPhone

After that, go back to your Apple ID front page and select Sign Out at the bottom.

Now you can do a Factory Reset, go to:

Settings > General > Transfer or Reset iPhone > Erase All Content and Settings

When you see the "Hello" welcome screen, the phone has been restored to factory settings, everything is erased and ready for a new user.

Find more information here:

How to factory reset your iPhone, iPad, or iPod touch - Apple Support

You're welcome. Good luck.