Google has consolidated both Android Pay and the Google Wallet into a single service known as Google Pay. This will ostensibly make it easier for customers, rather than having two separate entities doing the same thing.
There’s not much else to the announcement, other than services that once allowed either of Google’s payment options have already begun integrating Google Pay. Google will also be rolling the new service out across more products over the next few weeks.
This looks like more of a housekeeping sort of thing rather than a functional change. Google never really had a good reason to maintain two difference services, which makes this unification somewhat overdue.
Nothing is going to change for the most part. But there will be some adjustment to the new naming system.