Old question I know, but just to add some additional information:
- WAMP is used only on Microsoft Windows Operating Systems.
- Changing the version of PHP used through the left-click -> PHP -> Version menu changes the version used by Apache to server your site.
- Changing the version of PHP used through the right-click -> Tools -> Change PHP CLI Version menu changes the version used by WAMP's PHP CLI.
Note: It is important to understand that the "PHP CLI Version" is used by WAMP's own internal PHP scripts. This "PHP CLI Version" has nothing to do with the version you wish to use for your scripts, Composer or anything else.
For your scripts to work with the version you require, you need to add it's path to the Users Environmental Path. You could add it to the Systems environmental Path but the Users Path is the recommended option.
From WAMP v3.1.2, it would display an error when it detect reference to a PHP path in the System or User Environmental Path. This was to stop confusion such as you were experiencing. Since v3.1.7 the display of this error can now be optionally displayed through a selection in the WampSettings menu.
As indicated in previous answers, adding an installed PHP path (such as "C:\wamp64\bin\php\php7.2.30") to the Users Environmental Path is the correct approach. PS: As the value of the Users Environmental Path is a string, all paths added must be separated with a semi-colon (;)
After experiencing the exact same problem (IE: Choosing which version of PHP I wanted Composer to use), I created a script which could easily and rapidly switch between PHP CLI Versions depending on what project I was working on.
The Windows batch script "WampServer-PHP-CLI-Version-Changer" can be found at https://github.com/custom-dev-tools/WampServer-PHP-CLI-Version-Changer
I hope this helps others.
Good luck.