Hello Ajay,
There is currently no Connector/Java integration with Oracle Wallet - that's the short answer.
A longer answer: I'm not entirely sure what you're looking to accomplish. The .mylogin.cnf file isn't "password-less", really - it just obfuscates the password in a configuration file, and ensures proper file permissions. The mysql client reads the .mylogin.cnf file, decrypts the stored password (the encryption only obfuscates, not protects - it's trivially easy to decrypt the contents if you have access to the file), and uses that to connect to the MySQL Server. I wrote a blog post explaining this, if it interests you:
http://mysqlblog.fivefarmers.com/2012/08/16/understanding-mysql_config_editors-security-aspects/
Connector/Java can also read in a configuration (properties) file so that you can store passwords externally, in the same way .mylogin.cnf does. You would want to take appropriate steps to restrict access to such a properties file, again, like .mylogin.cnf is managed. It won't encrypt the password (or other contents), but as I noted above, the encryption used in .mylogin.cnf isn't for content protection - it's just obfuscation.
If you are talking about truly "password-less" login, you might look at client TLS key/certs and REQUIRE X509. Then you can provide key material to the client for authentication instead of a password. Effectively, though, you're substituting a file for a password as the authentication credentials.
I personally don't know much about Wallet, but I *presume* that clients must supply some sort of Wallet credentials in order to obtain credentials to access resources like the database. In such use cases, Connector/Java will need access to the Wallet credentials instead of the database credentials - and your concern about how to protect the Wallet credentials replaces the current concern about protecting MySQL credentials.
I hope that helps!
--
Todd Farmer
MySQL @ Oracle
http://www.oracle.com/mysql/