If you want to submit your app to Google Play as a paid app, you need to do the following:

1. Create a Google Play developer account.
2. Pay the $25 one-time registration fee to Google Play.
3. Create and link to a Google Wallet Merchant Center account.

NOTE: You need to do all three to sell your app on Google Play.

To create a Google Wallet Merchant Center account:

1. Sign in to your Google Play Developer Console.
   
   
   
   
2. From the side menu, click Reports.
   
   
   
   
3. From the left menu, click Financial Reports.
   
   
   
   
4. Click set up a merchant account now.
   
   
   
   
5. Type in your business information. Then click Submit.
   
   
   
   

In order to receive payment from Google for apps that you sell, you need to specify a bank account in the Google Wallet Merchant Center.

For Google Play's Payouts FAQ, click here.
Note: Instead of clicking on Payout Settings mentioned by Google Support, click on the Settings tab and then click Payment settings.